Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Downloads Of Donald Trump's Truth Social App Spike Following Mar-A-Lago Raid

Stock Markets Aug 19, 2022 19:42
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Downloads Of Donald Trump's Truth Social App Spike Following Mar-A-Lago Raid
 
DWACU
-4.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DWAC
+6.18%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

The FBI raid of President Donald Trump's Mar-a-Lago estate may have had some unintended consequences that could be a financial silver lining for the former president.

The Numbers: Prior to the Aug. 8 raid, Trump's social media platform Truth Social was ranked outside of the top 50 most downloaded social networking apps in the Apple, Inc (NASDAQ: NASDAQ:AAPL) App Store, according to Similarweb.

The day of the raid, Truth Social jumped from being the 76th most downloaded social networking app to being the 15th most downloaded. The app peaked at 10th most downloaded on Aug. 12 and has yet to drop out of the top 20 since the raid.

Related Link: Donald Trump And 5 Other Business Bosses Who Invoked Their Fifth Amendment Rights

Trump Media and Technology Group, which owns Truth Social, plans to merge with the SPAC Digital World Acquisition Corp (NASDAQ: DWAC), but that merger has recently run into complications.

In late June, Trump Media received a subpoena from the U.S. Securities and Exchange Commission as part of a civil probe into the company's SPAC merger. Just days later, the company was also subpoenaed by a federal grand jury in connection with a criminal probe.

Merger Delays: On Tuesday, Digital World Acquisition filed to ask for an extension to file its quarterly earnings report. Earlier this month, the company asked shareholders to extend the deadline for its merger with Trump Media by a year, setting a new deadline for Sept. 8, 2023. A shareholder meeting to vote on the extension is tentatively scheduled for Sept. 6.

Related Link: Donald Trump's Mar-a-Lago Estate Searched by FBI — What Stocks May Be Affected

The political drama surrounding the Mar-a-Lago raid certainly doesn't seem to be impacting Digital World Acquisition investors. The stock is up 1.1% overall since the beginning of August.

Benzinga's Take: The old adage in marketing is there's no such thing as bad publicity, and the spike in Trust Social downloads following the FBI raid of Mar-a-Lago seems to support that idea. Criminal and regulatory probes are always a red flag for investors, so Digital World buyers should tread cautiously given all the uncertainty surrounding the stock at the moment.

Photo via Shutterstock.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read at Benzinga

Read the original article on Benzinga

Downloads Of Donald Trump's Truth Social App Spike Following Mar-A-Lago Raid
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email