World, Science-Technology

Trump media stocks jump 800% after announcement of new social media platform

Digital World Acquisition Corp is taking former US president's planned venture public

Ovunc Kutlu   | 23.10.2021
Trump media stocks jump 800% after announcement of new social media platform

ANKARA

Digital World Acquisition Corp, the special-purpose acquisition company that will take former US President Donald Trump’s planned social media platform public, saw its stock price soar more than 800% just in two days of trading.

The company, which trades on the Nasdaq under ticker DWAC, saw its stock price jump 356.8% on Thursday and an additional 107% on Friday, according to official figures.

When the company announced a merger with Trump Media & Technology Group on Wednesday, its stock price stood at $9.96 at market closing.

DWAC stock price jumped to $45.50 per share on Thursday, and saw as high as $175 on Friday before ending the day at $94.20 a share.

Between two closings of Wednesday and Friday, DWAC shares rose from $9.96 to $94.20 – skyrocketing 845.8%.

Trading of DWAC shares was halted multiple times on the Nasdaq due to high volatility during the two days.

After DWAC announced a merger with Trump Media & Technology Group on Wednesday, the merger gave the group a valuation of $875 million the next day.

Trump has announced TRUTH Social, which will start inviting guests for a beta launch next month, and will be available for all users in the first quarter of 2022.

The former president, who said TRUTH Social will "stand up to the tyranny of Big Tech," was taken off Twitter and Facebook in the aftermath of Capitol Hill riots on Jan. 6. He was often accused of using social media platforms to spread misinformation.

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