Former President Donald Trump’s social network is back on top of Apple’s App Store, fueling a rebound in the blank-check firm bringing its parent company public.Shares of Digital World Acquisition Corp. leaped 24% Wednesday as thousands more users gained access to Truth Social’s full functionality and downloads jumped almost tenfold. The special-purpose acquisition company, which is merging with Trump Media & Technology Group, had slumped 60% in the previous two months or so.Wednesday’s rally started in premarket hours, following a tweet by Elon Musk, who is purchasing competitor Twitter Inc., in which he said that Truth Social passed both Twitter and TikTok on the Apple App Store overnight. Downloads leaped to more than 55,000 on Tuesday from less than 6,000 the week before, according to Apptopia estimates shared with Bloomberg News. Truth Social’s daily active users also jumped to 365,000 on Tuesday, a 20% increase from the week prior.
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