The irony is hitting hard for former US President Donald Trump’s recently launched social media site Truth Social. After CEO Devin Nunes posted that the conservative news outfit Fox News has joined the site, a spokesperson from the network denied owning the said account.
“We aren’t on Truth Social,” said the company’s spokesperson.
Following Nunes’s claim of Fox News joining the platform, SPAC Digital World Acquisition Corp (Nasdaq: DWAC)–with whom the Truth Social has a pending US$875 million merger deal–rallied on the Nasdaq.
Although Nunes said that the account is an RSS feed for the news company, the account had a verified red checkmark–similar to Twitter’s blue check. Many Truth Social accounts bear the names of media outfits but they are usually tagged as ‘BOT’ along with a disclaimer that it is merely an aggregator feed of content outside the platform. These accounts–not bearing the verified checkmark–are not managed or connected with the actual media firms.
On the other hand, the blank check firm DWAC filed its 2021 financials on Wednesday, reporting a cash balance of US$327,731, a current liabilities balance of US$683,535, and a net loss of US$1.4 million. These are significant changes from last quarter’s counterparts: US$1.5 million in cash, US$214,117 in current liabilities, and US$159,170 in net loss.
DWAC last traded at US$49.04 on the Nasdaq, then fell 4.6% pre-market.
Information for this briefing was found via Axios and Seeking Alpha. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.