Shares Of SPAC Behind Trump Social Media Company Jump 400%
The share price of a special purpose acquisition company (SPAC) that plans to merge with a media group connected to former President Donald Trump quintupled at times on Thursday, following an announcement late Wednesday night that Trump planned to launch a new social media company.
- Shares of the Digital World Acquisition SPAC were trading at $49.81 early Thursday afternoon—more than 400% higher than the price on Wednesday.
- Its massive surge tapered off to end the day, having a share price of $45.50 to close the day, which was still 357% higher than Wednesday’s close.
- Trading was halted at five points on Thursday due to volatility, leading to surges in price each time trading resumed.
- The price of the stock more than doubled over a period of under two hours late Thursday morning into the early afternoon.
- Digital World Acquisition Corp. was the Fidelity platform’s most actively traded stock on Thursday, with “buy” orders outnumbering “sell” orders nearly three to one.
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