![]() ![]() Based in Menlo Park, California, the company controls four of the top-ranked social media platforms. He believes the selloff might be considered an overreaction given Meta's strong balance sheet.ĭespite its recent difficulties, it’s no surprise that Meta Platforms leads the pack on this top social media stocks list. “(Meta) is still a fabulous company, people continue to have lots of profits in this company, but misses and downward guidance are being brutally punished by investors,” Michael Farr, CEO of wealth-based management firm Farr, Miller and Washington, told Reuters. ![]() However, social media stocks, and Meta itself, still have the confidence of analysts. The news temporarily shook investor confidence in other social media stocks as well. In one day, shares of the social media giant fell a whopping 20 percent on lower-than-expected earnings and a drop in monthly active users (MAUs). The impact of this year's early February selloff of Meta Platforms (NASDAQ: FB) is a clear example of the huge presence social media companies have in the stock market. The world’s largest social media platforms have revolutionized the way people connect on the internet, and the companies behind these platforms can offer major investment opportunities. Top Battery Metals Stocks on the TSX and TSXV.It's unclear what happened to those talks.īottom line: There are not enough details to suggest that this deal has much legitimacy.Įditor's note: This article has been updated with comment from the SPAC spokesperson. In March, Axios reported that Trump's team had been in contact with FreeSpace, a small and nascent social app to build its own social network."Now Facebook and Twitter will lose even more market share." “Congratulations to President Trump for re-entering the social media fray!" Miller said in a statement. ![]() In July, Jason Miller, a former aide and close adviser to Trump launched a new social app called “Gettr." It launched without Trump's participation after the two parties couldn't come to a deal.The big picture: Trump has been trying to build an alternative social media network for many months. That figure is based on unspecified price increases to a stock that hasn't even successfully listed yet. The company says that Truth Social plans to begin its beta launch for invited guests in November and that a nationwide rollout is expected in the first quarter of 2022.īe smart: Don't pay attention to the potential $1.7 billion valuation listed in the press release.Social media censorship has become one of his biggest talking points, even before mainstream social apps banned Trump following the Capital insurrection.Of note: The group says its mission is "to create a rival to the liberal media consortium and fight back against the 'Big Tech' companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America." A 22-page pitch deck looks very familiar, and in at least one case identical, to a pitch-deck Axios reported on earlier this year.John, former executive producer of both “Deal or No Deal’ and “America’s Got Talent." ![]() This is the one area in which there is an exec named: Scott St. It plans to launch a subscription streaming service called TMTG+.The SPAC has $293 million in assets, but that amount could be reduced if investors dislike the deal and choose to redeem their units.ĭetails: The holding company for the app is called Trump Media & Technology Group (TMTG).A spokesperson for the SPAC later confirmed that it has been filed, apparently after hours, which means it should become available early Thursday morning on the SEC.gov website. Such paperwork is necessary for any deal to proceed. Trump's team initially told Axios that the SPAC had yet to file an 8-K detailing merger details.He did have one deal signed, with a company called Giga Energy, but it was called off before being consummated. The SPAC is led by Patrick Orlando, who has raised several SPACs but has yet to successfully use one to take a company public.Trump, however, remains consumed by social media.īetween the lines: Details, such as who will be company CEO, are scarce. Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and said that it would go public via a SPAC. ![]()
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