The price of Digital World Acquisition Corp (DWAC), the company that carries Donald Trump’s social network, soared on Friday morning and ended up 107.03% to $ 94.20. The price of the flying saucer had taken off about 200% earlier today after already climbing more than 350% on Thursday at close.
Long before the actual launch of his social network, “Truth Social”, Donald Trump seems to have won his bet. His
SPAC to speak of these acquisition companies, also referred to as the “empty shell”, is valued at $ 3.2 billion. An impressive amount for a recent company, until then confidential and without commercial activity. Digital World Acquisition Corp, which trades under the
DWAC symbol on the Nasdaq, is indeed a newly born company.
When it joined the Nasdaq in September, DWAC had raised $ 293 million. The target company therefore turned out to be Mr. Trump’s new media and technology group, founded in February in Delaware, which is to carry the
Republican billionaire’s social network project.
“Truth Social,” is touted by the former White House tenant as an alternative to Facebook, Twitter and YouTube from which he is banned for inciting his supporters to violence before the Capitol invasion on January 6.
In a statement released Wednesday to announce the merger with DWAC, Mr. Trump said he wanted to “resist the tyranny of the tech giants” and was indignant at being “silenced”
