Trump’s recent news of merging Trump Media & Technology Group with Digital World Acquisition Corp(DWAC) has sent DWAC skyrocketing to 1,200%.
The stock opened up Friday morning close to $130 but was halted by the SEC for unusual price volatility due to the fact a mass amount of people were buying the stock at once.
Phunware the company which is the software behind Trump’s new site also saw a 600% increase!
Redditors on WallStreetsBets are currently pushing for DWAC to rise in price and have even stated they will now vote for Trump.
The market is valuing Trump's media company — which hasn't launched a product — at ~$3.9 B
— Eliot Brown (@eliotwb) October 21, 2021
CNBC had more on the story:
Digital World Acquisition Corp., the SPAC that is taking former President Donald Trump’s planned social media platform public, soared Friday following a massive rally in the previous session.
Trading in the stock was halted due to volatility multiple times Friday. The SPAC, which trades under the ticker DWAC on the Nasdaq, skyrocketed 216% at one point and last traded up nearly 140%. The stock surged more than 350% to close Thursday at $35.54 in explosive trading volume and volatility.
The Trump effect wasn’t limited to DWAC.
Phunware, the advertising software startup involved with Trump’s 2020 reelection campaign, jumped in unison with DWAC. The stock last traded up a whopping 624% to $11.09 per share Friday, bringing its week-to-date rally to nearly 980%.
SPAC stands for special purpose acquisition company, which raises money on the public markets with a goal of merging with a private company and taking it public within two years. Investors typically have no clue what the target company will be when the SPAC debuts and trades on the stock exchange.
Many users who have never been Trump supporters are even getting in on the action take a look:
I don't care if you love Trump or hate him- (I hate him) If you think the MAGA's aren't going to push $DWAC and $DWACW to over $1,000 in the next year then you need to have your head examined. It could be by the end of November.
— Goodfellas Trades (@GoodfellasStock) October 22, 2021
$DWAC truth social app is up over 1000% in just 2 days….. Seriously how can Americans do this to themselves by voting for biden? Donald Trump is amazing for the United States of America whether your sensitive snowflake feelings like it or not. Hope this helps. pic.twitter.com/KYLwJnLgkZ
— Aron Jasper 🇺🇸🇵🇭 (@9248ladecima) October 22, 2021
Fox News got the scoop too:
President Trump’s planned launch of a social media platform drew strong interest from investors on Thursday, causing shares of SPAC company Digital World Acquisition Corp. to surge 357% on news of a planned merger.
DWAC’s stock closed at $45.50 per share in trading on Nasdaq. Trading on the shell company was halted multiple times throughout the day due to volatility.
The former president said his social media platform would be publicly traded following a merger between the newly formed Trump Media & Technology Group and DWAC. Dubbed “Truth Social,” the platform is set to debut a beta version in November and roll out nationwide during the first quarter of 2022.