The impassioned retail investors who made the shell company tied to Donald Trump’s media venture the best performer of its kind just unleashed a new wave of support.
Traders rushed into Digital World Acquisition, the special-purpose acquisition company merging with Trump Media & Technology Group, on Tuesday following the launch of the former president’s social media network Truth Social over the weekend.
Shares of Digital World Acquisition soared as much as 64% in premarket trading before paring gains, as Truth Social became the top free app in Apple’s App Store. It rose 4.7% as of 11 a.m. in New York as warrants rose 8.2%.
Despite the fizzling market for special-purpose acquisition companies overall, Digital World Acquisition is an outlier. Fueled by both fervent Trump supporters and those hoping to cash in on the gains, the special-purpose acquisition company is by far the best performing company of its kind. It’s evolved into a way for those backing a Trump 2024 presidential run to show their support.
The app’s debut was filled with problems, however, as some interested users were unable to sign up and others received error messages. It’s now telling prospective users there’s a lengthy waiting list to register, with the message “We love you, and you’re not just another number to us. But your waitlist number is below.” As of 9:50 a.m., the queue was approaching 400,000 users and people were sharing screenshots of their numbers on Twitter.
The service is hosted by RightForge, a web infrastructure company founded as a response to mainstream technology firms taking action against misinformation and hate speech. RightForge markets itself as a “depoliticized” server company and raised $1.41 million by December 2021, according to the most recent U.S. Securities and Exchange Commission filings, up from $260,000 four months prior.
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