Former President Donald Trump’s attempt to reclaim his successful strategy of name-calling opponents faced an obstacle as his presumptive GOP opponent’s social media company, Trump Media & Technology Group (TMTG), went public and saw its stock soar on Tuesday.
The company, led by former House Intelligence Committee Chairman Devin Nunes, merged with Digital World Acquisition Corp. (DWAC) – a SPAC – and adjusted its ticker symbol to “DJT.” This development seemed to challenge President Joe Biden’s recent campaign strategy of dubbing Trump as “Broke Don” and mocking his financial woes.
In a statement, the Biden-Harris campaign mocked Trump, saying, “Trump can’t raise money, isn’t campaigning, and is letting convicts and conspiracy theorists run his campaign.”
This came as Trump dealt with ongoing legal battles in New York and a hefty bond payment. However, the statement appeared to be invalidated as DWAC and DJT stock surged on the exchanges, leading “Outnumbered” co-host Harris Faulkner to quip that Biden may need to reconsider his tactic of name-calling.
Trump has been known for his successful use of nicknames to brand his opponents, such as “Crooked Hillary” Clinton and “Sleepy Joe” Biden. However, a former commerce official under then-President George W. Bush warned against this tactic, quoting playwright George Bernard Shaw’s famous axiom, “Never wrestle with a pig because you’ll both get dirty, and the pig likes it.”
Trump’s stock going public also drew criticism from the media, with MSNBC’s Joy Reid likening it to a “pump-and-dump” scheme, while guests on CNBC called it “essentially worthless.” However, TMTG’s merger and public stock offering were celebrated by Nunes, who stated that the company was built to protect Americans’ “voices and their freedom” as a social media alternative. He also assured that Truth Social, the social media platform, would remain committed to defending free expression.
The stock saw brief halts in trading on Tuesday, reportedly due to Obama-era policies meant to manage sudden volatility. FOX Business host Dagen McDowell estimated that Trump’s net worth increased by $1.3 billion with DJT’s initial rise, but noted that he is unable to sell or borrow against his stake for six months under the terms of the deal.
McDowell also highlighted the irony in the situation, as Trump’s decision to launch Truth Social was a response to censorship on mainstream social media platforms. “This was [so] the self-appointed speech police could not shut up or shut down President Trump by kicking him off Twitter or Facebook, so he started Truth Social – supporters of President Trump, but also the haters have helped make him richer because this is where they had to go – they were forced to follow his messages on Truth Social.”
The surge in DJT’s stock value also reportedly pushed Trump into the list of the world’s 500 richest people. However, it should be noted that this increase in net worth is largely calculated based on his stake in TMTG, and he is unable to access these funds for the next six months.
The impact of TMTG’s stock offering on Trump’s political campaign and potential presidential run in 2024 remains to be seen.
