Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Trump-Linked Digital World Up Another 85% After Quadrupling on Thursday

Stock MarketsOct 22, 2021 13:40
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Dhirendra Tripathi

Investing.com – Digital World Acquisition (NASDAQ:DWAC) stock was up 85% in Friday’s premarket trading following a 357% rise on Thursday triggered by the news of the SPAC’s merger with former U.S. President Donald Trump’s planned social media platform.

At one time, the stock was up more than 420% Thursday and touched a high of $52 before giving up some of the gains. More than 476 million shares of the company exchanged hands on the Nasdaq in the previous session as sharp spikes led to trading in the counter being halted several times.

Trump Media & Technology Group, a new outfit set up by the former President for his latest foray, announced the combination Wednesday. Trump also said he would roll out the platform ‘TRUTH Social,’ that he says will “stand up to the tyranny of Big Tech.”

Trump has been off social media as both Facebook (NASDAQ:FB) and his then favorite, Twitter (NYSE:TWTR), banned him from their platforms for his alleged role in inciting the January 6 Capitol riot. Since then, Trump has been exploring ways to restore his once-sizable social media presence.

In a sign that the stock has already developed the backing of retail traders, the stock featured among the top 10 most popular names on Reddit’s WallStreetBets, whose members were behind the meteoric rise of meme stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC).

A SPAC, or special purpose acquisition company, is a blank-check company that uses proceeds from an IPO to take private firms public. It is usually set up by high profile people with relevant industry experience and that’s what gets it the initial valuation with the subsequent transaction bringing it the final value.

Trump-Linked Digital World Up Another 85% After Quadrupling on Thursday
 

Related Articles

Tesla launches electric quad bike in U.S. for kids
Tesla launches electric quad bike in U.S. for kids By Reuters - Dec 02, 2021

(Reuters) - Tesla Inc has launched an electric quad bike for kids in the United States for $1,900, two years after the electric-car maker introduced the all-terrain vehicle (ATV)...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Rebekah Kadrmas
Rebekah Kadrmas Oct 22, 2021 17:19
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wow
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email