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)

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