Shares of Digital World Acquisition Corp. — the special purpose acquisition company that last night announced plans to merge with a planned Donald Trump social media network — surged Thursday in heavy volume as retail traders piled on.
The stock, traded on the Nasdaq GM (Global Market, or second tier) is changing hands at over $50, nearly quadruple its Wed. close of $10.17. Digital World, launched last last year, will become the vehicle to take the new Trump Media and Technology Corp., including a social media platform called Truth Social, public in a merger.
Truth Social will plans a beta launch in Nov. with nationwide rollout in the first quarter of 2022. It’s the former president’s latest push to connect via social media since he was banned from Twitter and other platforms following the violent Capitol riot on Jan. 6 to overturn the results of the 2020 presidential election which Trump lost to President Joe Biden.
Trump Media said its also planning a subscription video on demand service, TMTG+, featuring “non-woke” entertainment programming.
Trading volume of nearly 9.7 million shares way up from average of 184,000. 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, according to Yahoo Finance.