Trump stocks dive as former president confirmed plans to take on Big Tech

The share price of two companies associated with Donald Trump dropped on Tuesday, not long after the 45th US president divulged plans for one of the companies.

Having made big gains last week, SPAC Digital World Acquisition Corp. and Phunware were both pulled back heavily.

Phunware, the advertising software startup, shedded 35%, while DWAC’s share price was down by over 20% during Tuesday trading.

DWAC, a special purpose acquisition company, confirmed last week that it would merge with Trump’s new social media firm, Trump Media & Technology Group.

The merged group’s shares are now being publicly traded.

DWAC’s share price made a flying start to life as a public company, climbing by as much as 800% in value.

Trump confirmed last week that his social media network, “TRUTH Social”, was being launched to stand up to the “tyranny of Big Tech”.

Phunware, which is not associated with the DWAC merger, also saw major gains in its share price. The company was used as a tool to analyse voters in Trump’s failed 2020 re-election campaign.

Prior to Tuesday’s trading day, Trump released a long statement clarifying his plans. “To take on Big Tech censorship, we are creating a ‘Big Tent’ platform: Truth Social,” Trump said. “We are inviting people of all political stripes, and all different viewpoints, to come and participate once again in the great American debate. That’s what our country is supposed to be about.”“Unlike with the Big Tech platforms, there will be no shadow-banning, throttling, demonetizing, or messing with algorithms for political manipulation,” Trump added. “We will not be treating users like lab rats for social experiments, or labeling alternative views as “disinformation.”

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