“Get ready! Your favorite president will see you soon!”
That's the only post that former President Donald Trump has left on his "conservative friendly" alternative to Twitter (NYSE:TWTR), Truth Social.
Axios reports that Trump is blowing the launch of the new social media company via a series of unforced errors.
What Happened? Released on Feb. 21, Truth Social quickly rose to No. 1 on the App Store, with the waitlist swelling to over 1 million users before falling to No. 57. Axios reporting shows it is just behind Tinder and Planet Fitness Workouts.
Trump Media and Technology Group merged with the special purpose acquisition company Digital World Acquisition Corp (NASDAQ:DWAC), making DWAC responsible for the launch of the social media platform.
Shares of the SPAC have moved 860% higher since the Oct. 21 announcement.
Why It Matters: A niche group of investors have discovered companies with lower floats that have some kind of connection to Trump. When Digital World stock moves, these stocks follow in tandem.
Phunware Inc (NASDAQ:PHUN) Phunware is a mobile development and blockchain company whose connection with Digital World relies purely on sympathy. Phunware helped develop the official Donald Trump app during his 2020 campaign.
CF Acquisition Corp VI (NASDAQ:CFVI) Cantor Fitzgerald's SPAC recently merged with Canadian video-sharing service Rumble. Rumble is known for its ties to controversial, and often conservative, political figures. Most noteworthy of this group is Trump. CEO Howard Lutnick told Bloomberg that he could confirm that The Trump Media Group and Digital World were utilizing Rumble for its distribution services.
SilverBox Engaged Merger Corp. (NYSE:BRCC) SilverBox recently completed its acquisition of Black Rifle Coffee, a conservative and veteran-owned coffee company that has been known to be a predominately pro-Trump brand and also touts partnerships with the likes of Joe Rogan.
