Donald Trump's new social media app could provide him with an infusion of cash—but critics warn it could further the spread of misinformation.
In this July 7, 2021, file photo, former President Donald Trump speaks at Trump National Golf Club in Bedminster, N.J.
If the newly announced merger is completed, Trump's company would have access to the nearly $300 million in cash raised by Digital World Acquisition. On Friday, Digital World Acquisition jumped more than 180% in Nasdaq trading before being halted due to volatility as shares surged for a second straight day. Previously, the stock surged more than 350% after the merger with Trump Media and Technology Group was announced.
Trump is no stranger to leveraging his celebrity name in the business world, with business offerings ranging from the hit TV show"The Apprentice" to now-defunct ventures like Trump University, Trump Steaks, and Trump Vodka."He is a marketer, he is always looking for ways to monetize," said David Richard, a social media expert and professor at Emerson College."He can monetize his followers and I think that's exactly what he is doing.
Trump, in his announcement Wednesday, said he created Truth Social"to stand up to the tyranny of Big Tech." But the former president, who used social media to spread falsehoods about the 2020 election, is drawing criticism from some social media experts who say Truth Social will likely become a"magnet for disinformation," spreading only"Trump's truth."
Alexander Reid Ross, a fellow with the Centre for Analysis of the Radical Right, told ABC News that while he believes Truth Social won't grow enough to replace top social media platforms like Twitter, it will probably become a gathering place for extremists who could"turn it into something more focused and deliberately violent."
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