Why Digital World Acquisition Stock Skyrocketed 357% Today
Shares of Digital World Acquisition (NASDAQ:DWAC) soared 357% on Thursday after the special purpose acquisition company (SPAC) announced a deal to merge with Trump Media & Technology Group.
Should it receive shareholder and regulatory approval, the merger would allow Trump Media & Technology Group to become a publicly traded company. The deal values the business at up to $1.7 billion when including earn-out incentives.
Trump Media & Technology Group said it plans to launch a new social network to "create a rival to the liberal media consortium and fight back against the Big Tech companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America."
Source Fool.com
