Investing.com – Digital World Acquisition (NASDAQ:) stock was up 85% in Friday’s premarket trading following a 357% rise on Thursday triggered by the news of the SPAC’s merger with former U.S. President Donald Trump’s planned social media platform.

The stock rose more than 420% on Thursday, reaching a peak of $52 at one point before losing some of its gains. The previous session saw more than 476 million shares traded on Nasdaq. However, sharp spikes in trading caused the counter to stop several times.

Trump Media & Technology Group, a new outfit set up by the former President for his latest foray, announced the combination Wednesday. Trump also said he would roll out the platform ‘TRUTH Social,’ that he says will “stand up to the tyranny of Big Tech.”

Trump was banned from social media by both Facebook (NASDAQ;) and his favorite, Twitter(NYSE:) for his role in the inciting of January 6 Capitol riot. Trump has explored ways to return his once large social media presence.

In a sign that the stock has already developed the backing of retail traders, the stock featured among the top 10 most popular names on Reddit’s WallStreetBets, whose members were behind the meteoric rise of meme stocks like GameStop (NYSE:) and AMC Entertainment (NYSE:).

SPAC is short for special purpose acquisition companies. This company uses the proceeds of an IPO to buy private businesses public. It is usually set up by high profile people with relevant industry experience and that’s what gets it the initial valuation with the subsequent transaction bringing it the final value.