SPAC tied to Trump's new social media deal extends rally

Asia's Tech News Daily

(Reuters) – Shares of the blank-check firm that plans to publicly list former U.S. President Donald Trump’s new social media company soared again on Friday, as small-time investors talked up the stock on message boards.

SPAC tied to Trump's new social media deal extends rally
© Reuters/RACHEL MUMMEY Former U.S. President Trump holds rally in Iowa

Digital World Acquisition Corp’s shares surged about 60% to $71.35, with more than 3.8 million shares changing hands by 6:30 a.m. ET, compared with its 10-day moving average volume of 145,766 shares.

The stock soared nearly five times in value in the previous session on the news that Digital World would merge with Trump’s media company to create a social media app called TRUTH Social.

Data from brokerage Fidelity showed Digital World was the most traded stock on its platform on Thursday, with buy orders outnumbering sell 1.4-to-1.

Digital World was the most discussed stock on trading-focused social media site Stocktwits, a platform commonly seen as a measure of interest from retail investors. Message volumes on Stocktwits related to the SPAC were up more than 9,000%.

“No matter your politics this stock will rip … I’ll start my pick up at a meager 100 shares and then add to my position on dips,” a Reddit user wrote.

Hedge funds that invested in Digital World are set to make five times their investment, regulatory filings showed, while Patrick Orlando, who backed the SPAC is likely to see a $420 million windfall from the surge in shares.

(Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Is a safe and legit site?

© Provided by Dot Esports When shopping for the right accessories for your PC setup, there are so many websites you can visit. While ordering from Amazon or a manufacturer ... Read more »

Live news update: NSW teachers and transport workers strike; teens in hospital after Vic shark attack; pressure on Australia after US Olympic boycott

LIVE – Updated at 22:40 Follow all the day’s news. Australia yet to decide on Olympic diplomatic boycott 22:40 Daniel Hurst The Australian government says it hasn’t decided yet whether ... Read more »

RHOSLC's Mary Cosby Claps Backs After Her Religion Is Questioned: 'I Worship the God in Me'

© Provided by People Chad Kirkland/Bravo Hell hath no fury like a Real Housewife scorned. © Chad Kirkland/Bravo The ladies questioned Mary Cosby’s religion and her involvement in her church ... Read more »

TV tonight: the makers of Killing Eve are back with grisly crime thriller Ragdoll

Photograph: Luke Varley/AMC Lucy Hale and Henry Lloyd-Hughes star in the new show, which is enjoyable if you have a strong stomach. Plus: the penultimate episode of Succession. Here’s what ... Read more »

Trump media venture eyed by regulators; names Nunes CEO

NEW YORK (AP) — Regulators are looking into the deal that would bring Donald Trump’s new social media company to the stock market, one that has attracted both legions of ... Read more »

U.S. aviation industry pans AT&T, Verizon 5G precautions

Illustration shows small toy figures with laptops and smartphones in front of displayed AT&T logo WASHINGTON (Reuters) – The U.S. aviation industry said on Monday new precautionary measures offered by ... Read more »

UFC 269 Embedded, Episode 1: ‘Champion forever'

© UFC, YouTube In the first episode of UFC 269 Embedded, Julianna Pena shrugs off all of the underdog talk ahead of her matchup with two-division champion Amanda Nunes, lightweight ... Read more »

Preparing for caste census, final decision at all-party meet: Bihar CM Nitish Kumar

Caste census is the buzzword fuelling Bihar politics over the last several months. Now, Chief Minister Nitish Kumar has confirmed that his government is preparing to conduct a state-specific exercise ... Read more »

Govt hospitals in Gujarat create special wards for Omicron cases, reserves 766 beds in cities

© Provided by The Indian Express Government hospitals in Gujarat have created special wards for patients diagnosed with the Omicron variant, reserving nearly 766 beds in major cities. So far ... Read more »

Canada's ambassador to China steps down as Ottawa faces pressure from Biden administration

Dominic Barton, a strong advocate for increased trade with China during his term as ambassador, is stepping down amidst growing pressure from the administration of U.S. President Joe Biden for ... Read more »

Devin Nunes says he's leaving Congress by the end of the year

Republican Rep. Devin Nunes of California announced Monday he’ll leave the House in the coming weeks to become CEO of the Trump Media & Technology Group. © JIm Watson/AFP/Getty Images ... Read more »

Trump allies are angling for election jobs up and down the ballot. That could have consequences in 2024

As former President Donald Trump prepares for a potential comeback bid in 2024, his allies are flocking to election jobs all the way down to the local level in key ... Read more »

Chinese rover spots odd, cube-shaped object on the moon

© Courtesy / Our Space / CNSA A distant, cube-shaped object is the “mystery hut” China’s Yutu-2 rover is planning to take a closer look at. China’s moon rover, Yutu-2, ... Read more »

«Geimpft fühlt es sich besser an» – Deutsche Unternehmen ändern Markenclaims

Das Coronavirus hat unser Nachbarland Deutschland fest im Griff. Wie in der Schweiz ist die Impfquote auch nördlich des Rheins viel zu tief, um der Pandemie einigermassen Herr zu werden. ... Read more »

Eric Adams is taking advice from Miami's mayor on Twitter and crypto

Mayor Suarez and Mayor-elect Adams have a friendly rivalry. AP Mayor-Elect Eric Adams is looking to raise his Twitter game — and has turned to Miami Mayor Francis Suarez for ... Read more »

Omicron v. delta: Battle of coronavirus mutants is critical

1 / 3APTOPIX Virus Outbreak South AfricaA woman is vaccinated against COVID-19 at the Hillbrow Clinic in Johannesburg, South Africa, Monday Dec. 6, 2021. South African doctors say the rapid ... Read more »

More Tesco workers support pre-Christmas strikes

© Getty Images Tesco is facing potential disruption ahead of the key Christmas period at more than half of its 22 UK distribution centres, unless an agreement is reached with ... Read more »

Utility sued for $50M over deadly Michigan house explosion

1 / 5Home Explosion FlintEmergency personnel are shown at the scene of a fire and explosion at a home in Flint, Mich., Monday night, Nov. 22, 2021. Three people were ... Read more »

Boise man charged with attempted murder after shooting in Nampa

A 33-year-old Boise man was taken into custody early Monday morning and faces a felony charge after police said he shot someone in Nampa. Joseph B. Dirilo was charged with ... Read more »

Queensland border reopening: entry requirements explained as Covid restrictions lift

Photograph: Matt Roberts/Getty Images State’s police commissioner tells people to ‘pack your patience’ and expect long delays if entering by road Vaccine rollout and rates tracker; Cases and data tracker ... Read more »

Justice Department closes Emmett Till murder probe without indictments

The family of Emmett Till announced Monday that the Department of Justice has formally closed its second investigation into the 1955 murder of Emmett Till. Why it matters: The DOJ ... Read more »

Fischler Report: Give the Refs a Break, Already!

Rod Brind’Amour isn’t alone with his ref-rage. It’s as commonplace now as it was when Hall of Famer Patrick wrote that missive to then-president Frank Calder. The difference, of course, ... Read more »

Stu Cowan: Canadiens shell of team that faced Lightning in Cup final

© Pierre Obendrauf Montreal Canadiens head coach Dominique Ducharme looks toward centre ice, while players Michael Pezzetta (55), Mathieu Perreault (85) and Artturi Lehkonen (62) look on following a goal ... Read more »

Primark shares snap of 'sassy' blazer dresses but fans all have one major problem with them

With Christmas fast approaching, it’s time to invest in a new outfit perfect for the festive season. December sees office parties, nights sipping cocktails with friends, and evenings spent clutching ... Read more »

Everton have just found a bargain transfer who is everything a Blues star should be

What is it they say? Cometh the hour, cometh the man? The hour was about 9:50pm on Monday night. The man was Demarai Gray. He picked up the ball on ... Read more »

Drake Withdraws His 2022 GRAMMY Nominations

© Kevin Winter/Getty Images for The Recording Academy Drake is not interested in winning a GRAMMY. The 35-year-old rapper has withdrawn his two 2022 GRAMMY nominations, ET can confirm. Drake was ... Read more »

Montana seeks to end protections for Glacier-area grizzlies

The Associated PressIn this 2019 photo provided by the U.S. Fish and Wildlife Service is a grizzly bear (Ursus arctos horribilis) in Grand Teton National Park, Wyo. Grizzly bears are ... Read more »

How to Warm Up Properly Before A Winter Workout (And What To Do After)

© Image credits: Photo by Saty + Pratha. Wardrobe by Jaclyn Bonavota. Hair & Makeup by Ronnie Tremblay… Two years into the Covid-19 pandemic, we have a better picture of ... Read more »

Physicians sound alarm over ICU capacity as Manitoba Shared Health concedes it can't staff enough beds

© Mikaela Mackenzie/Winnipeg Free Press/The Canadian Press Doctors are once again warning of an intensive care crunch, even though total patient numbers are not as high as they were during ... Read more »

Biden hints Christmas deadline for $2T social spending bill in doubt

President Joe Biden delivers remarks about the Build Back Better legislation’s new rules around prescription drug prices in the East Room of the White House on December 6, 2021. Chip ... Read more »

Tory rebellion looms over visa fees for Commonwealth veterans who fought for Britain

A Tory rebellion looms on Tuesday over visa fees charged to Commonwealth veterans who want to stay in Britain after leaving the Armed Forces. © Getty Images Europe Veterans march ... Read more »

Tom Holland REVEALS opening scene of Spider-Man: No Way Home; Find out

© Provided by Pinkvilla   Fans of the Marvel Cinematic Universe won’t have to wonder where Spider-Man: No Way Home fits in the narrative, since the forthcoming sequel picks up ... Read more »

The best London bus routes to travel on for stunning views of the city's Christmas lights

Mayor of London Sadiq Khan has announced the best bus routes to travel on in London in order to see the best Christmas lights that the city has to offer. ... Read more »

Watch the entire total solar eclipse of 2021 in just 1 minute! (time-lapse video)

You can watch the sun disappear and reappear from view in just one spectacular minute. © Provided by Space The moon passes in front of the sun in the only ... Read more »

Sony cameras are getting harder to buy due to the chip shortage

© Photo by Becca Farsace / The Ve The global chip shortage has claimed yet another camera from Sony’s lineup. This time, Sony is suspending orders for the ZV-E10, a ... Read more »

How France embraced the far right - and what it means for the 2022 election

Eric Zemmour’s rise to political candidacy follows a long line of events that have shunted the French public further to the right than ever before, in a country where left-wing ... Read more »

Sheridan Smith 'pulls out' of Strictly Come Dancing Christmas special last minute

Sheridan Smith has reportedly ‘pulled out’ of the Strictly Come Dancing Christmas special last minute. The 40-year-old star is said to have told the BBC her decision days before filming ... Read more »

Contaminated water at Pearl Harbor base forces hundreds to live in hotels

© AP A submarine docked at the Pearl Harbor naval base. – AP The message was simple. “Don’t turn this into Flint,” the protester’s sign read, as a crowd of ... Read more »

Devin Nunes leaving Congress early amid reports of new role at Trump media business

© Getty Images GettyImages-1232323028.jpg Republican Rep Devin Nunes of California, a longtime ally of former president Donald Trump, will retire from Congress amid reports that Mr Trump offered him a ... Read more »

Illinois brothers plead guilty to charges in US Capitol attack on Jan. 6

CHICAGO — Two Illinois brothers pleaded guilty Monday to federal charges for their participation in the Jan. 6 insurrection at the U.S. Capitol. Mark Kulas Jr., of Lake Forest, and ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic