(DCNF)—The stock price of Truth Social’s parent company skyrocketed during the early hours of its first official day of trading Tuesday, with the price increasing by over 40%.
Shareholders of Digital World Acquisition Corporation (DWAC) voted to approve a merger with former President Donald Trump’s Trump Media and Technology Group (TMTG), the parent company of Truth Social, Friday, leading to Tuesday’s Wall Street debut. Trump received 79 million shares of stock worth over $3 billion, The Hill reported.
DWAC shares traded at $49.95 at Monday’s close, according to Yahoo Finance, while the new DJT symbol that replaced DWAC is trading at over $73 as of Tuesday morning, increasing the value of Trump’s holdings by over $1 billion. Trump could receive 40 million additional shares by the end of April based on the stock’s performance, New York Magazine reported.
Trump announced he would start the social media company in October 2021, nine months after being banned from Twitter and other social media sites in the wake of the Jan. 6, 2021, riot at the Capitol building.
Twitter reinstated Trump in November 2022, following an online poll by Elon Musk, who completed the acquisition of the social media site in October 2022.
Trump reportedly signed a contract requiring him to post original content to Truth Social, which is owned by TMTG, and to not repost to other social media sites for six hours, according to TechCrunch.
TMTG’s website states that a planned subscription-based streaming service known as TMTG+ would offer “access to non-woke entertainment, news, documentaries, podcasts and more.”
TMTG did not immediately respond to a request for comment from the Daily Caller News Foundation.
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Independent Journalism Is Dying
Ever since President Trump’s miraculous victory, we’ve heard an incessant drumbeat about how legacy media is dying. This is true. The people have awakened to the reality that they’re being lied to by the self-proclaimed “Arbiters of Truth” for the sake of political expediency, corporate self-protection, and globalist ambitions.
But even as independent journalism rises to fill the void left by legacy media, there is still a huge challenge. Those at the top of independent media like Joe Rogan, Dan Bongino, and Tucker Carlson are thriving and rightly so. They have earned their audience and the financial rewards that come from it. They’ve taken risks and worked hard to get to where they are.
For “the rest of us,” legacy media and their proxies are making it exceptionally difficult to survive, let alone thrive. They still have a stranglehold over the “fact checkers” who have a dramatic impact on readership and viewership. YouTube, Facebook, and Google still stifle us. The freer speech platforms like Rumble and 𝕏 can only reward so many of their popular content creators. For independent journalists on the outside looking in, our only recourse is to rely on affiliates and sponsors.
But even as it seems nearly impossible to make a living, there are blessings that should not be disregarded. By highlighting strong sponsors who share our America First worldview, we have been able to make lifelong connections and even a bit of revenue to help us along. This is why we enjoy symbiotic relationships with companies like MyPillow, Jase Medical, and Promised Grounds. We help them with our recommendations and they reward us with money when our audience buys from them.
The same can be said about our preparedness sponsor, Prepper All-Naturals. Their long-term storage beef has a 25-year shelf life and is made with one ingredient: All-American Beef.
Even our faith-driven precious metals sponsor helps us tremendously while also helping Americans protect their life’s savings. We are blessed to work with them.
Independent media is the future. In many ways, that future is already here. While the phrase, “the more the merrier,” does not apply to this business because there are still some bad actors in the independent media field, there are many great ones that do not get nearly enough attention. We hope to change that one content creator at a time.
Thank you and God Bless,
JD Rucker
