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Trump's New Social Media Network 'TRUTH' Knocked Offline: Reports

Trump's social media network defaced within hours of its announcement.

Former president Donald Trump's social media network was defaced and knocked offline Thursday, just hours after its announcement, according to published reports.  

Users were able to create fake accounts on a beta version of the site and posted a picture of a defecating pig to the “donaldjtrump” account, the Washington Post reported. 

"A Washington Post reporter was able to register and post under the account name “mikepence” without any stops in place. New sign-ups were blocked shortly after," The Post reported.

The beta version of the site has since been pulled offline, according to the report.

Trump Media Group announced itself Wednesday evening, saying it was going public by merging with Digital World Acquisition Corp.  (DWACU) - Get Digital World Acquisition Corp. Report, a special-purpose acquisition company, or SPAC. Shares rose more than 400%, topping $50 -- nearly five times the opening price at the start of trading. The stock closed at $49.08, up 382% for the day -- and share were still spiking in after-hours trade. Trading was halted briefly during the day -- at least twice -- because of volatility after the share price rocketed on heavy trading volume. 

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The site appears to be a Twitter clone, the Post reported. Users can reportedly post Truths, which are like tweets, or Re-Truths, which are retweets. There’s also a news feed, called the Truth Feed, to notify users of “who’s interacting with your TRUTH’s,” according to the social network’s App Store profile. 

The stock was the most-mentioned company on the popular day-trader chatroom Stocktwits, Bloomberg News reported.

David Drapkin writes on BoardroomAlpha, "We've seen plenty of pre-revenue companies strike SPAC deals (see flying taxis and robots), but this might be the first instance of, at least what appears to be on paper, a brand new company with little to no operations."

Twitter  (TWTR) - Get Twitter, Inc. Report and Facebook  (FB) - Get Facebook, Inc. Class A Report among others permanently suspended President Donald Trump's account “due to the risk of further incitement of violence" after he rallied his supporters to storm the U.S. Capitol on Jan. 6 to halt the certification of Joe Biden's election as president.

The attack lead to the deaths of at least five people, including a police officer.