Digital World Acquisition, the parent company of Truth Social, went public on Tuesday, valuing the social network at over $9 billion. The merger with Trump Media & Technology propelled former President Donald Trump into the ranks of the world's 500 wealthiest individuals, with a paper fortune exceeding $5 billion.
Despite initial volatility, Trump expressed enthusiasm for Truth Social, emphasizing his stake in the venture. However, his ability to cash out his holdings depends on the stock's sustained performance. The merger coincides with Trump's political ambitions, as he prepares for a potential 2024 presidential run.
Truth Social has faced challenges since its launch, but Digital World has emerged as a meme stock, driven by online enthusiasm and retail investor support. Led by former Republican congressman Devin Nunes, the company aims to challenge the dominance of big tech platforms in online discourse.
As Truth Social enters the public domain, it seeks to create a space for free expression, aligning with Trump's ongoing battle against perceived censorship by major tech companies.