Shares of former President Donald Trump’s Digital World Acquisition Corp., a blank-check firm that is taking his proposed social media platform public, spiked on Friday after a huge rally the day before.
“Thank you Donald Trump, [DWAC] 17k profit yerterday [sic],” one user wrote.
The new firm has stated that its “mission is to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America.”
It adds: “They control the future. They control you. To counter this dangerous exercise of Big Tech monopoly power.”
Former close Trump adviser Jason Miller has started his own social media platform, GETTR. In response to Trump’s announcement, Miller said Wednesday that they couldn’t come to an agreement.
“Trump has always been a great deal-maker, but we just couldn’t come to terms on a deal,” he told several media outlets in a statement, congratulating Trump on the launch of the platform.
The former commander-in-chief, meanwhile, has often blamed Section 230 of the 1996 Communications Decency Act for what he said has given social media companies the ability to regulate content posted on their platforms. Those firms, he and others have argued, are biased against conservatives and others with viewpoints outside the mainstream.