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

Stock MarketsOct 22, 2021 08:02AM ET
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© 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
 

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Comments (20)
Jose Juanmijo
Jose Juanmijo Oct 23, 2021 9:54AM ET
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This is a pump and dump scheme. Buyer beware.
Rajesh Kumar
Rajesh Kumar Oct 22, 2021 11:48PM ET
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I feel good that Trump is doing something good for all of us.
ben sc
ben sc Oct 22, 2021 2:15PM ET
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will they allow *******trafficking and terrorism recruiting like Twitter and FB? that's been a profitable model for SV
Lubosi Maboshe
Lubosi Maboshe Oct 22, 2021 1:25PM ET
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IPO seem to be doing good for Former President Trump😏
Todd Gray
Todd Gray Oct 22, 2021 12:44PM ET
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Isn't it odd, that in the 60's liberalism was all about NOT burning books, and NO censorship, but today it's entirely the opposite. They have become what they'd judged. That's how it works. Must be some kind of Universal Law, or something.
ben sc
ben sc Oct 22, 2021 12:44PM ET
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True liberals now aren't accepted on the left. they're about to be purged from the party for thinking for themselves.
ben sc
ben sc Oct 22, 2021 12:44PM ET
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JFK wouldn't recognize his party or be accepted by it.
Daniel DeAugustine
Daniel DeAugustine Oct 22, 2021 12:40PM ET
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pump and dump scheme
Todd Gray
Todd Gray Oct 22, 2021 12:40PM ET
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thorough, in depth media reform is long overdue. those people can't do keep doing whatever they want to society.
Joey Takach
Joey Takach Oct 22, 2021 11:55AM ET
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It amazes me that the left gets so outrage of what Trump says but are just fine with what this mumbling full does in the White House or doesn’t do.
Rodney Dangerfield
Rodney Dangerfield Oct 22, 2021 11:55AM ET
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so what do you call us people who thinks both sides are ridiculous
DJ Ryte
DJ Ryte Oct 22, 2021 11:50AM ET
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Free speech means nothing to tools of marxists.
Picaso Fish
Picaso_Fish Oct 22, 2021 11:50AM ET
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umm, Marxism is pro free speech pal. China is not, nor the USA but that doesn't mean you should slander marxism
Mark Jannetty
Mark Jannetty Oct 22, 2021 11:49AM ET
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we need another media platform not in bed with the corrupt liberal swamp.
Gary Sadler
Gary Sadler Oct 22, 2021 11:49AM ET
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Trump is a looser !
Gary Merchant
Gary Merchant Oct 22, 2021 11:49AM ET
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someone who can't spell is a loser!!
Gary Merchant
Gary Merchant Oct 22, 2021 11:49AM ET
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you're just jealous of him.
Shereen Beruti
Shereen Beruti Oct 22, 2021 11:49AM ET
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Trump turns everything into gold!
Rodney Dangerfield
Rodney Dangerfield Oct 22, 2021 11:49AM ET
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Shereen Beruti even bankruptcy lol
Marco cuevas
Marco cuevas Oct 22, 2021 11:46AM ET
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He still owes donors money and you  guys giving  him more money?  Just get out of the market already you aren't ready for this.
Stephen Schulte
Stephen Schulte Oct 22, 2021 11:34AM ET
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flag hating monkey
Stephen Schulte
Stephen Schulte Oct 22, 2021 11:34AM ET
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flag hating monkey
James Hilliard
James Hilliard Oct 22, 2021 11:27AM ET
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flag worshipping monkeys 🐒
Pedro Benitez
Pedro Benitez Oct 22, 2021 11:26AM ET
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Let's go Brandon
Jai Haugen
Jai Haugen Oct 22, 2021 10:44AM ET
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good. tired of bog tech running the world into the ground. 1st Amendment has to be protected on every side
Ferdinando Riboni
Ferdinando Riboni Oct 22, 2021 10:27AM ET
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let's Go Brandon
ben sc
ben sc Oct 22, 2021 10:06AM ET
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the ministry of Truth has sent out its minions this morning!
Me comment
Me comment Oct 22, 2021 9:25AM ET
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I keep making money off this trump looser. but still would never vote for him.
Jack Nicholson
Jack Nicholson Oct 22, 2021 9:25AM ET
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trump looser, is that like trump, unrestricted?
James Pattison
James Pattison Oct 22, 2021 9:25AM ET
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They halted trading… just like they halted polling stations from counting on election night
James Pattison
James Pattison Oct 22, 2021 9:25AM ET
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If your democrat friends find out they will cancel culture you… and youll be a racist… and worst they will find out tour a capitalist… something tells me youre lying…
Truth Trader
Truth Trader Oct 22, 2021 9:25AM ET
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James Pattison sir, are you still counting votes?
Casper Casper
Casper Casper Oct 22, 2021 9:25AM ET
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Lets vote for him so we can keep making money …. Go go go …
Picaso Fish
Picaso_Fish Oct 22, 2021 9:19AM ET
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This is bad bad news for humanity. We're entering into an world with no natural truth, No consequence for dishonesty, you literally make up your own reality. You can't even ******there bubble anymore
Show previous replies (1)
Stuart McQ
Stuart McQ Oct 22, 2021 9:19AM ET
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Lol
William Bicknell
William Bicknell Oct 22, 2021 9:19AM ET
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how many blue pills do you take a day?
James Pattison
James Pattison Oct 22, 2021 9:19AM ET
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So they make a free speech website… and you want to shut it down… and dont realize thats literally facism in its epitome… ummm youre not well friend…
dean matthews
dean matthews Oct 22, 2021 9:19AM ET
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that's OK picaso.you can't tell a cult anything until it's to late
Picaso Fish
Picaso_Fish Oct 22, 2021 9:19AM ET
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I think there should be standards. But hey, it's not like the USA had standards in the 50's. Mcarthyism was thought to be fine. Free speech is only Ok if it supports the plutocrats. Right?
 
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