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Trump media stocks jump 800% after new platform announcement

By Anadolu


ANKARA: Digital World Acquisition Corp. (DWAC), the special-purpose acquisition company that will take former US President Donald Trump’s planned social media platform public, saw its stock price soar more than 800 percent just in two days of trading.

The company, which trades on the Nasdaq under ticker DWAC, saw its stock price jump 356.8 percent on Thursday and an additional 107 percent on Friday, according to official figures.

When the company announced a merger with Trump Media & Technology Group on Wednesday, its stock price stood at USD9.96 at market closing.

DWAC stock price jumped to USD45.50 per share on Thursday and saw as high as USD175 on Friday before ending the day at USD94.20 a share.

Between two closings of Wednesday and Friday, DWAC shares rose from USD9.96 to USD94.20 – skyrocketing 845.8 percent.

Trading of DWAC shares was halted multiple times on the Nasdaq due to high volatility during the two days.

After DWAC announced a merger with Trump Media & Technology Group on Wednesday, the merger gave the group a valuation of USD875 million the next day.

Trump has announced TRUTH Social, which will start inviting guests for a beta launch next month, and will be available for all users in the first quarter of 2022.

The former president, who said TRUTH Social will “stand up to the tyranny of Big Tech,” was taken off Twitter and Facebook in the aftermath of Capitol Hill riots on Jan. 6. He was often accused of using social media platforms to spread misinformation. 

(Philippine News Agency)

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