The Trump social media company still does not appear to be doing well. It was late last year, in November, when an early version of a Trump-backed social media site was announced to appear… but it’s yet to show up. The stock price for Digital World Acquisition Corp. (DWAC), which announced that it would be merging with the Trump social media company (which is called the Trump Media & Technology Group), has gone all over the place — recently, it’s climbed to nearly $95 a share, but it’s been below $60 and even below $50 since the initial burst following the announcement of merger plans. Trump’s social media company sent a press release pointing readers to the rating from InvestorsObserver for DWAC stock… and InvestorsObserver, reporter Judd Legum noted this week, rates the stock as “very poor.”
“Digital World Acquisition Corp C (DWAC) gets a very poor rank from InvestorsObserver,” the entity said on its website as of early Monday afternoon, adding that it sits below 77 percent of other stocks that have been ranked by the organization — delivering yet another hit to the credibility of Trump’s social media operation. Financial volatility isn’t where the problems for DWAC and the Trump social media plans as a whole stop, though — the endeavor has also been placed under investigation by federal authorities governing the financial system, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). At issue is the fact that DWAC “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information” from filings with the SEC, as summarized by Sen. Elizabeth Warren (D-Mass.), who’s among those to have expressed concerns.
Trump's media company, Trump Media & Technology Group (TMTG), just sent out a press release urging people check out a rating from InvestorsObserver about its stock, known as DWAC.
InvestorsObserver rates the stock as "very poor"
Quite an operation Trump has created. pic.twitter.com/eHFCDOkKGC
— Judd Legum (@JuddLegum) February 7, 2022
Relatedly, FINRA is after information regarding “events (specifically, a review of trading) that preceded the public announcement of the October 20, 2021 Merger Agreement,” and the SEC went after “documents relating to meetings of DWAC’s Board of Directors, policies and procedures relating to trading, the identification of banking, telephone, and email addresses, the identities of certain investors, and certain documents and communications between DWAC” and the Trump Media & Technology Group, according to DWAC itself, which added that they were cooperating with efforts by federal authorities to gain information. Trump has cast his push to launch a social media site as some kind of valiant stand for free speech… but it’s not as though there’s any sort of actual conspiracy to somehow silence conservatives on mainstream social media platforms. Trump getting booted from mainstream social media sites after the Capitol riot wasn’t because of his conservatism — it was because he incited deadly violence.
Hmm. Stephanie Grisham says Trump was confused why staffers weren't excited about the rioters "fighting" for him on January 6. https://t.co/ws9gc1o7j5
— Amanda Carpenter (@amandacarpenter) February 7, 2022