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Truth Social: Trump’s social media lost $73 million since launch

Truth Social: Trump’s social media lost $73 million since launch
Vinicius Barbosa

Digital World Acquisition Corp. (NASDAQ: DWAC) reported $73 million of cumulative losses since the launch of its flagship product, Truth Social. DWAC is a special-purpose acquisition company created to fund Trump Media & Technology Group (TMTG).

In particular, DWAC’s existence is directly connected to the creation of Truth Social by TMTG. The social media platform surged in popularity among Trump supporters as an alternative to Twitter (now X) after the politician was removed from it. 

Notably, Trump’s Truth Social app ranked 1st on the App Store’s free and social categories in 2022, just 12 hours after its release. 

However, Truth Social’s popularity has fallen over time despite its early success. This fall is reflected in the company’s results, with no more than $3.7 million in total net sales. According to a report by CBS News, the funding company disclosed in October 2023 that it would be refunding $1 billion to its investors.

DWAC price analysis

DWAC started trading on Nasdaq at $16 on September 30, going as low as $9.84 per share in its first weeks. Nevertheless, Truth Social’s funding company surged close to 1,700% in less than a month. Going from its lowest price to its all-time high of $175 on October 22.

Nevertheless, it is important to say that this high was a speculative anomaly. DWAC has never closed a trading day above the $97.54 per share.

DWAC weekly historical chart. Source: TradingView

In the meantime, Digital World Acquisition Corp is trading at $15.18 by press time, with cumulative losses of 84% since the highest daily closure. Its current price is 5% lower than Truth Social’s funding IPO.

Investors must remain cautious when investing in this Trump Media & Technology Group venture. Truth Social faces many challenges in a high-competitive market with well-positioned competitors such as X, owned by the multi-billionaire Elon Musk. The platform’s political bias also plays an important role in the stock market’s value perception.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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