Shares of Digital World Acquisition Corp (DWAC), the special purpose acquisition company which will merge with former President Trump's social media company soared more than 270% on Thursday. Trading was briefly halted for volatility as retail investors piled on the stock.
Digital World Acquisition is one of the top trending tickers on Yahoo Finance. It's also the #1 stock on Fidelity's orders by retail customers, behind Tesla (TSLA). It is also the most mentioned ticker on Stockwits in the last 24 hours.
Digital World Acquisition Corp plans to take Trump Media & Technology Group (TMTG) public through a SPAC deal. On Wednesday the former president announced the launch of his social media network called Truth Social.
“I created Truth Social and TMTG to stand up to the tyranny of Big Tech,” Trump, chairman of TMTG, said in a statement.
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable," he added.
The former president was banned from Twitter (TWTR) in January after the deadly riot on Capitol Hill on January 6.
At the time, Twitter cited some of the president's messages on the platform (archived here) noting, "Our determination is that the two Tweets above are likely to inspire others to replicate the violent acts that took place on January 6, 2021, and that there are multiple indicators that they are being received and understood as encouragement to do so.”
In June, social media giant Facebook (FB) announced it would ban Trump for two years, following his account's suspension on January 7, a day after the Capitol riot.
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