Shares soar amid news of Trump’s social media deal

News of a merger between Digital World Acquisition Corp. and Trump Media & Technology Group broke on Thursday. Former President Donald Trump announced a new social media platform, sending shares of DWAC skyrocketing as much as 400 percent.

Trading on DWAC’s stock was halted several times due to volatility.

According to CNBC:

Digital World Acquisition was the single most actively traded stock on the Fidelity platform Thursday, and was by far the most traded name on the consolidated tape of New York Stock Exchange and Nasdaq listings.

By afternoon trading, more than 360 million shares of DWAC had already changed hands, according to FactSet.

Trump said his new platform, “TRUTH Social,” will “stand up to the tyranny of Big Tech.”

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Shares of Trump-linked SPAC surge 400% following news of social media deal