Shares of Digital World Acquisition Corp (DWAC), the special purpose acquisition company that will merge with former President Trump’s new social media company, shot up 356% on Thursday. The stock closed at $45.50 a share. Trading was briefly halted for volatility during Thursday’s session as retail investors piled on the stock.
Digital World Acquisition was among the top trending tickers on Yahoo Finance. It was also the No. 1 stock on Fidelity’s orders by retail customers, behind Tesla (TSLA). DWAC was also the most mentioned ticker on Stockwits in the last 24 hours.
Digital World Acquisition Corp plans to take Trump Media & Technology Group (TMTG) public through a SPAC agreement. On Wednesday the former president announced the launch of his social media network called Truth Social.
“I created Truth Social and TMTG to stand up to the tyranny of Big Tech,” Trump, chairman of TMTG, said in a statement.
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable,” he added.
At the time, Twitter cited some of the President’s messages on the platform (archived here) noting, “Our determination is that the two Tweets above are likely to inspire others to replicate the violent acts that took place on January 6, 2021, and that there are multiple indicators that they are being received and understood as encouragement to do so.”