The Truth social network logo is displayed behind a woman holding a smartphone in this illustration photo taken on February 21, 2022.
Dado Ruvic | Reuters
Shares of Digital World Acquisition Corp., which aims to take former President Donald Trump’s media company public, spiked in after-hours trading. Google added the Truth Social app to its Play Store.
The platform has was previously banned from the Play Store for content moderation concerns. Google said the app violated its policy of censoring user-generated content.
“Apps can be distributed on Google Play as long as they comply with our developer guidelines, including requirements for effective moderation of user-generated content and removal of objectionable posts.” emotions, such as those that incite violence,” a Google spokesperson said.
According to Google, Truth Social has agreed to enforce content moderation policies, including removing or blocking users from publishing posts that incite violence. Twitter banned Trump in January 2021 “due to the risk of further inciting violence”, after hundreds of his supporters stormed the US Capitol. That act prompted Trump to create Truth Social.
Truth Social is now available to 44% of US smartphone users using Android. Before the app could be unbanned, Android users had to access Truth Social on their phone’s web browser or by “transmitting” it through another website. The app is already available on Apple’s App Store. Google restored Parler, a platform similar to Truth Social, to the Play Store in September after the app was significantly modified to comply with Google’s policies.
CNBC has reached out to DWAC and the Trump Media and Technology Corporation.
The news comes days after DWAC, a company known as blank checks, continued to push for a vote to delay the merger with Trump Media. DWAC, led by Chief Executive Officer Patrick Orlando, has so far failed to attract the 65 percent shareholders needed to extend the merger deadline. DWAC is set to liquidate on December 8 if an extension is not approved.
The merger has encountered obstacles, both legal and financial. DWAC private investors provided $1 billion to Trump Media following the completion of the merger. But at least $138 million of that amount was withdrawn and the company moved its address to a UPS Store.
The DWAC-Trump Media deal was the subject of a Justice Department investigation into potential securities violations of discussions between the two companies prior to the merger announcement last fall.
Trump founded Truth Social after he was banned from Twitter for his tweets on January 6, 2021, when his followers stormed the US Capitol in a violent attempt to stop Congress. confirm Joe Biden’s victory in the presidential election.
DWAC shares fell last week after Elon Musk revived his purchase of Twitter, where Trump has about 80 million followers. Musk has said he will let Trump back on Twitter. Trump has about 4 million followers on Truth Social.
Meanwhile, a whistleblower from within Trump Media, William Wilkerson, provided the SEC with internal documents. He filed a complaint with the regulator, alleging securities violations.
“One way or another, this company will go bankrupt,” Wilkerson recently told the Miami Herald. “I don’t think the company will be approved by the SEC.”
The DWAC has also warned that further damage to Trump’s reputation could cause the company to suffer. Trump, who is considering another presidential run in 2024, is facing a federal crime investigation into whether he illegally kept and stored sensitive national security documents. after he leaves the White House or not.
Shares of DWAC, which closed Wednesday at $15.96, are down about 69% so far this year.
