Shares of a company linked to Trump’s media project rise by 200%

The shares of a new investment company linked to the project social network of former US President Donald Trump are back in stock market before being temporarily suspended on Friday due to strong fluctuations.

The shares of Digital World Acquisition Corp., which is set to merge with the emerging company of media Truth Social, they rose more than 200% on the Nasdaq before trading was suspended for several minutes.

At around 14:35 GMT on Friday, the company’s stock was up more than 115.4%, to be trading at $ 98.01.

Shares in Digital World, a “special purpose acquisition company” (SPAC), had It was up 357% on Thursday after the announcement of the merger with “Truth Social”“.

A joint statement from the Trump Group for Media and Technology and Digital World described the project as “a competition for a liberal media rally aimed at confronting the big tech companies in Silicon Valley who have used their unilateral power to silence voices of dissent. in America”.

The statement added that the project is expected to launch nationwide in the first quarter of 2022.

During his presidential term, Trump had used social network, like: “Facebook” and “Twitter” in extended and aggressive way in the face of media traditional.

But his accounts were suspended on the two platforms after his supporters stormed the Capitol on January 6. questyear, following the presidential election, the results of which he dismissed as fraudulent.

Plumbing Acquisition Companies are a check in white “because they are created with the sole purpose of merging them with another company.

The use of takeover companies, or “plumbers,” has prevailed over the past couple of years and office sharing company WeWork followed this strategy before going public. in bag Thursday.

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