The stock of SPAC company Digital World Acquisition Corp (NASDAQ:DWAC) are currently trading just shy of $50 mark with a volume of over 382M shares. The price action suggests a potential gain of over 300% in just the morning and afternoon trading session. The company announced news of a merger that would launch former President Donald Trump’s planned social media platform.
DWAC “have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval.”
Trump Trump also said he would roll out a platform called “TRUTH Social,” which he claimed will “stand up to the tyranny of Big Tech.”
Considering the fact that Trump may run for presidency in the next election, a social media with in house control by Trumps office can significantly bolster his candidacy and agenda. It would be interesting to see if regulators would approve of a social media platform that selectively propagates the candidates agenda.