Trump-linked SPAC shares soar more than 60% on news of social media deal

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Homepage and app announcement of “Truth Social”. Former US President Donald Trump wants to start an alternative social network. Apart from the announcement, however, there is not much to see yet.

Christoph Dernbach | picture alliance | Getty Images

The stock price of SPAC company Digital World Acquisition Corp. rocketed up more than 60% in trading Thursday morning off a news of a deal to launch former President Donald Trump’s planned social media platform.

Trump on Wednesday said he would roll out the platform called “TRUTH Social,” which he claimed will “stand up to the tyranny of Big Tech.”

Digital World Acquisition was incorporated in late 2020, shortly after Trump lost a re-election bid against President Joe Biden.

DWAC is a bank-check firm, or special acquisition company, which is specifically created to raise money in the public markets and then to use that capital to merge with a private firm.

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