Why did Digital World Acquisition stock jump today? TRUTH Social launched
Mario Tama/Getty Images News

Trump SPAC Digital World Acquisition(NASDAQ:DWAC), which is taking Trump's social media company public, gained 9.3% after the former president's new social media platform TRUTH Social went live on Sunday.
The TRUTH social app officially launched late Sunday in Apple's App Store. While some users reported having trouble registering for an account or were added to a waitlist, for others that pre-ordered the app, it was automatically downloaded to their Apple device.
Trump is marketing the platform as an alternative to social media giants Twitter (NYSE:TWTR), Facebook (NASDAQ:FB) and YouTube (NASDAQ:GOOGL), which banned him on the grounds of inciting the U.S. Capitol riot on Jan. 6, 2021.
According to research firm Apptopia, the Truth Social app has been downloaded 170,000 times since it debuted on the App Store Sunday evening. Reuters said that the Truth Social quickly became the most-downloaded app on the App Store after its release. No Android version of the app is currently available.
Digital World Acquisition (DWAC) saw a massive rally in wake of news that it will take Trump's new media company public via a SPAC merger. The stock gained more than 350% when the news was announced Oct. 21. DWAC shares have gained almost 80% this year.
Also today Trump appeared to hint about a potential 2024 presidential run in a radio interview.
Dear Readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.