Digital World Acquisition Corp is a special purpose acquisition company (SPAC) that was founded in 2020. The company was established with the purpose of identifying and acquiring a target company that operates in the technology, media, or telecommunications (TMT) sector. The company was listed on the Nasdaq stock exchange under the ticker symbol "DWACU". DWACU stands for "Digital World Acquisition Corp Units".
The company was founded by a group of technology investors, including former President Donald Trump's adviser, Jared Kushner. The SPAC raised $300 million in its initial public offering (IPO) in October 2020. In late October 2021, DWAC announced its intention to merge with the social media platform, Trump Media & Technology Group (TMTG), which is also founded by Kushner. The merger will result in TMTG becoming a publicly traded company.
TMTG's mission is to create a social media platform that provides a voice to conservative and independent voices. The platform aims to offer a superior alternative to existing social media platforms that have been accused of censorship and bias against conservative voices. TMTG has also announced plans to launch a news and opinion website called Truth Social, which will be integrated with the social media platform. The website will feature content from conservative commentators, journalists, and thought leaders.
The announcement of the merger between DWAC and TMTG caused a surge in the value of DWAC shares. The stock price increased from around $10 per share to a peak of over $175 per share in a matter of days. However, the share price has since retreated significantly and has been highly volatile.
The merger between DWAC and TMTG is subject to approval by DWAC shareholders and regulatory authorities. If the merger is approved, it is expected to be completed in the first quarter of 2022. The new entity will be known as Trump Media and Technology Group Inc. (TMTG).