Digital World Acquisition Corp., the shell company set to take Trump Media and Technology Group public, saw its shares surge after Donald Trump's Truth Social platform was allowed on the Play Store.
DWAC's shares were up more than 18%. The DWAC was paused for about five minutes.
The app is now available on the app store for more than half of the users in the US who have anANDROID device. The platform could be accessed through a web browser or through a side-load application.
The app was banned from the Play Store because it violated guidelines for moderation.
If the apps comply with the guidelines, they can be distributed on the play store.
It was agreed that Truth Social would remove and block users who publish posts that encourage violence.
After hundreds of his supporters attacked the U.S. Capitol, Trump banned himself from social media.
The shares of DWAC fell when Musk said he would buy the social networking site. The billionaire had previously promised to restore Trump's account. The former president has over 80 million followers on social media, but only 4 million on Truth Social
The investors pulled funding from the DWAC- Trump Media merger because of the low numbers. After a key deadline passed, the company lost $138 million of its private investment.
The deadline for the merger is December 8. The company needs more than half of its shareholders to approve a yearlong extension. DWAC would go out of business if the merger wasn't completed in time. There is a delay in the shareholder vote.
The Justice Department is looking into possible securities violations related to undisclosed discussions between the companies prior to the merger announcement. Wiliam Wilkerson, the founder of Trump Media and Technology Group, was a whistle blower.
The company is going to go bankrupt and I don't think the SEC will approve it.
The company is considering legal action against the SEC for the delay.
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