Digital World Acquisition Corp Stonk Soars : Trump Effect - MalkamDior


Digital World Acquisition Corp. is a blank check company, which was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities. The company was founded on December 11, 2020 and is headquartered in Miami, FL - MalkamDior. 


(Bloomberg) -- Retail investors are piling into the special purpose acquisition company that agreed to take former President Donald Trump’s media firm public as thousands of users pump shares across social media platforms.

Digital World Acquisition Corp., the SPAC that’s set to merge with Trump Media & Technology Group, is Thursday’s top purchase on Fidelity’s platform with more than 18,000 buy orders from customers. That was more than double the purchases for Tesla Inc., the second-most-bought stock, and more than quadruple the demand for the ProShares Bitcoin Strategy ETF (ticker BITO).


The retail trader excitement was clear with the stock being the most-mentioned company on the popular day-trader chatroom Stocktwits, and as touts on Reddit’s WallStreetBets rivaled the likes of GameStop Corp. and AMC Entertainment Holdings Inc. over the past 12 hours.

The SPAC more than doubled to reach an intraday high of $20.98 just before noon in New York before a volatility halt was triggered. More than 230 million shares changed hands, making it the most traded stock with a value above a penny. The aim of the deal is to rival “the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley,” according to a statement.

©2021 Bloomberg L.P.

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