Posts

Trump Plan for New Media Venture Gets Investors' Thumbs up

Image
(AP) JILL COLVIN and ALEX VEIGA   Friday, 22 October 2021 08:15 AM Some investors aren’t waiting to see if former President Donald Trump’s plans for a media company to challenge the likes of Facebook, Twitter and even Disney can actually become reality — they’re all in. Trump announced Wednesday he will launch a special purpose aquisition company (SPAC) to take Trump Media & Technology Group along with its "Truth Social" app public, aiming for a $1.7 billion valuation. Trump's end run is to go toe-to-toe with Big Tech, which flouted the First Amendment and shut the 45th President of the United States out. Wednesday's surprise announcement came nine months after Trump was expelled from social media for his role in inciting the Jan. 6 Capitol insurrection. Experts were split on how strong a competitor Trump Media & Technology Group can be, but the stock market reacted with exuberance. TMTG’s plan is to become a publicly listed company through a merger with Digit