Budrigan Ltd-Digital World Shares Up 80% after merger with Trump

Budrigan Ltd-Digital World Shares Up 80% after merger with Trump

Budrigan Ltd-Digital World Shares Up 80% after merger with Trump

Budrigatrade.com - After the publicly traded shell company announced that it would merge with a company owned by former US President Donald Trump to create a new social media app called TRUTH Social, Digital World Acquisition Corp.'s shares rose by 80% on Thursday.

The social network that was created as a result of the merger with the Trump Media and Technology Group announced on Wednesday that it intends to begin beta testing this month and launch the full service in the first quarter of 2022. On Thursday morning, Digital World's shares were up 80% to $17.83. The company is based in Miami.

Trump stated in a press release that TRUTH Social would launch following Twitter Inc. TWTR) banned him from their foundation. Facebook and Twitter Inc. (NASDAQ: On January 6, hundreds of Trump supporters rioted at the U.S. Capitol following an incendiary speech in which he falsely claimed that the 2020 election had been stolen from him through widespread voting fraud. FB) suspended Trump's account.

Trump's posts were found to be in violation of Twitter's "glorification of violence" policy. Facebook discovered that Trump praised violence in relation to the fatal attack on January 6 when rioters attempted to prevent the formal congressional certification of his election loss to President Joe Biden.

Digital World Acquisition, led by an ex-investment banker named Patrick Orlando, has launched at least four SPACs and plans to launch two more, but none of them have yet signed a contract.

An initial public offering (IPO) is used by special purpose acquisition companies, or SPACs, to take a private business public.

If no shareholders of the acquisition company choose to cash in their shares, Trump Media & Technology Group said it would receive $293 million in cash that Digital World Acquisition had in a trust.

   Budrigan Ltd-Digital World Shares Up 80% after merger with Trump

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