Why the Trump-Linked SPAC DWAC Just Soared After Hours
A SPAC publicizing Donald Trump's media company went up after hours on Friday. Here's why.
What happened: Digital World Acquisition Corp DWAC shares were trading higher on Friday after the market closed.
The move comes after it was reported that Tesla Inc TSLA CEO Elon Musk was backing down from a planned acquisition of Twitter Inc social media platform TWTR.< /p>
Related Link: Elon Musk wants out of Twitter deal due to lack of information: $44 billion buyout< /em>
Musk previously said he would welcome President Donald Trump back on Twitter if he bought the company.
"Permanent bans should be extremely rare and really reserved for…accounts that are bots or spam/scam accounts where there is simply no legitimacy to the account," said said Musk.
Trump had been permanently banned from Twitter.
"I think it was wrong to ban Donald Trump. I think it was wrong because it alienated a lot of the country and ultimately didn't prevented Donald Trump from being heard."
Why it matters: Digital World is merging with Trump Media and Technology Group, a company that owns the Truth Social platform.
Truth Social has been a top social media platform for many conservative voices after they were banned from other social media platforms, including Twitter.
Musk recently told Twitter employees that people should be allowed to say racist things on social media platforms like Twitter, but the company shouldn't promote it .
Musk said Twitter users have the ability to filter content they deem harmful. Twitter is more about entertainment and information than about not offending people, Musk added.
With Musk not taking over Twitter, Truth Social will be one of the few social media platforms that allow Trump to post and could be a safe haven for those banned from Twitter. other platforms.
Rumble, which is a free speech-focused video platform, could also see a boost. The company merges with CF Acquisition Corp VI CFVI.
Price Action: Digital World Acquisition shares rose 18% to $29.02 in after-hours trading.
Twitter shares are down 7% to $34.47.
CF Acquisition Corp VI shares are up 2% at $10.20
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
A SPAC publicizing Donald Trump's media company went up after hours on Friday. Here's why.
What happened: Digital World Acquisition Corp DWAC shares were trading higher on Friday after the market closed.
The move comes after it was reported that Tesla Inc TSLA CEO Elon Musk was backing down from a planned acquisition of Twitter Inc social media platform TWTR.< /p>
Related Link: Elon Musk wants out of Twitter deal due to lack of information: $44 billion buyout< /em>
Musk previously said he would welcome President Donald Trump back on Twitter if he bought the company.
"Permanent bans should be extremely rare and really reserved for…accounts that are bots or spam/scam accounts where there is simply no legitimacy to the account," said said Musk.
Trump had been permanently banned from Twitter.
"I think it was wrong to ban Donald Trump. I think it was wrong because it alienated a lot of the country and ultimately didn't prevented Donald Trump from being heard."
Why it matters: Digital World is merging with Trump Media and Technology Group, a company that owns the Truth Social platform.
Truth Social has been a top social media platform for many conservative voices after they were banned from other social media platforms, including Twitter.
Musk recently told Twitter employees that people should be allowed to say racist things on social media platforms like Twitter, but the company shouldn't promote it .
Musk said Twitter users have the ability to filter content they deem harmful. Twitter is more about entertainment and information than about not offending people, Musk added.
With Musk not taking over Twitter, Truth Social will be one of the few social media platforms that allow Trump to post and could be a safe haven for those banned from Twitter. other platforms.
Rumble, which is a free speech-focused video platform, could also see a boost. The company merges with CF Acquisition Corp VI CFVI.
Price Action: Digital World Acquisition shares rose 18% to $29.02 in after-hours trading.
Twitter shares are down 7% to $34.47.
CF Acquisition Corp VI shares are up 2% at $10.20
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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