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Trump's new social media deal sparks 400% surge in SPAC's shares

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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