- Digital World Acquisition stock surged as much as 285% on Friday.
- The SPAC’s shares closed 357% higher on Thursday after it struck a deal to acquire Trump’s media startup. Its two-day increase came out to more than 1,000% at Friday intraday highs.
- Trump’s company plans to disrupt Big Tech and become a hub for conservative voices.
Digital World Acquisition shares jumped as much as 285% on Friday, as investors piled into the special-purpose acquisition company set to take former US President Donald Trump’s media startup public.
DWAC stock already skyrocketed 357% on Thursday after the SPAC announced it was acquiring Trump Media & Technology Group. The shares closed at $45.50, valuing the vehicle at about $1.5 billion – not far off the prospective $1.7 billion valuation for TMTG highlighted in the press release about the deal.
The SPAC’s two-day gain at Friday highs came out to more than 1,000%.
Trump has pitched his startup as a “rival to the liberal media consortium” and an effort to fight back against Big Tech, which he accuses of “silencing opposing voices.”
TMTG intends to launch a social-media platform named Truth Social in the next few months, and later roll out an on-demand video-streaming service featuring “non-woke” news, entertainment, and other programming.
The vision for the company is to disrupt some of the most valuable and influential companies in the world, including Apple, Amazon, Walt Disney, Netflix, Alphabet, Microsoft, and Facebook. Part of its mission is “galvanizing a conservative media universe,” according to a “company overview” on its website that doesn’t include any details of its operations or executives.
Trump was banned or suspended from nearly every major social-media site, including Facebook, Twitter, and Alphabet‘s YouTube, after the January 6 attack on the US Capitol. His new venture may be an effort to reenter the spotlight and secure a louder megaphone ahead of another run at the White House.
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