Digital World Acquisition Corp - DWAC

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Retail traders are cheering Trump's deal to make SPACs great again as Digital World Acquisition Corp. extends triple-digit gains.

  • Retail traders have poured into Digital World Acquisition Corp. stock following the Trump deal.
  • DWAC, which has soared about 1,000%, had the most buy orders by far, according to Fidelity.
  • Comments on the stock surged after the deal: "DWAC: Make SPACs great again," wrote one Redditor.

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  • Digital World Acquisition Corp., the SPAC that is taking former President Trump’s planned social media platform public, soared Friday following a massive rally in the previous session.
  • The SPAC, which trades under the ticker DWAC on the Nasdaq, jumped more than 100%.
  • The ticker was among the most popular mentions on Reddit’s WallStreetBets, which indicated that DWAC could be having a meme stock moment like GameStop and AMC.
  • Phunware, the advertising software startup involved with Trump’s 2020 reelection campaign, jumped in unison with DWAC.

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WallSreetBets Help Drive Trump's "TRUTH Social" SPAC Up Over 600% On The Day.

In a stunning development after hours, DWAC just topped $70, meaning it is up over 600% on the day...

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Digital World Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While we may pursue an initial business combination target in any business or industry, we intend to focus on combining with a leading tech company.

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Former U.S. President Donald Trump's plan to create a social media app after Twitter Inc (TWTR.N) and Facebook Inc (FB.O) barred him won an endorsement from investors on Thursday who sent shares in a shell company backing the effort soaring.

Trump Media and Technology Group and Digital World Acquisition Corp (DWAC.O), , a Special Purpose Acquisition Vehicle (SPAC), announced on Wednesday they would merge to create a new social media app called TRUTH Social. Trump's company said it plans a beta launch - unveiling a trial version - next month and a full roll-out in the first quarter of 2022.

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Hedge funds including D.E. Shaw and Saba Capital Management own stakes in a special purpose acquisition company that surged Thursday after former President Donald Trump announced plans to create his own publicly traded media firm through a reverse merger.

Highbridge Capital Management and Palm Beach, Florida-based Lighthouse Investment Partners also hold shares of the blank-check company, Digital World Acquisition Corp., according to data compiled by Bloomberg. Digital World skyrocketed 357% to close at $45.50 as retail investors piled into the stock, pushing its market value to $1.83 billion. 

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