Trump’s Media SPAC Surges 600% As Small Investors Pile In

Trump’s Media SPAC Surges 600% As Small Investors Pile In
Andrew Rummer

over 2 years ago1 min

Mentioned in story

Donald Trump may no longer be US president, but he still knows how to create a stir. 

Trump Media & Technology Group said this week it will join the US stock market by merging with Digital World Acquisition Corp., a special purpose acquisition company (SPAC) that listed last month. As the chart shows, shares in Digital World (ticker: DWAC) have soared more than 600% since the deal was announced late Wednesday. 

Trump Media will begin operations next year and plans to launch a subscription video service and a social media app, called Truth Social, to take on Facebook and Twitter.

Whatever you think of Trump or his politics, the deal certainly seems to be creating some buzz among retail investors. The Digital World SPAC was the top purchase on Fidelity’s trading platform on Thursday, with about 55,000 buy orders from clients, and was among the most mentioned stocks on Reddit’s WallStreetBets forum over the past 24 hours.

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