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SPAC tied to Trump’s new social media deal extends rally -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Donald Trump, former President of the United States, reacts following his speech, at a rally held at Iowa States Fairgrounds, Des Moines, Iowa. October 9, 2021. REUTERS/Rachel Mummey

(Reuters] – The shares of the firm with the blank check that wants to list ex-President Donald Trump’s social media platform went up again Friday after small-time investors jumped on the opportunity.

Digital World Acquisition Corp. shares jumped 60% to $71.35, more than 3 million shares having changed hands at 6:30 am. ET, which is lower than its 10-day moving mean volume of 145.766 shares.

In the last session, the stock rose nearly five-fold in value on news that Digital World would be merging with Trump’s media firm to create TRUTH Social.

According to data from Fidelity, Digital World was most frequently traded stock on the platform. Buy orders outnumbered sell 1.4-to-1.

Digital World was most talked about stock on Stocktwits, which is a trading-focused social media platform. This site is often seen by retail investors as an indicator of investor interest. Stocktwits message volumes related to SPAC increased by more than 9000%.

No matter how you feel about politics, this stock will go bust. Reddit user: “I’ll begin my pick-up at 100 shares, and then increase my position as dips.”

The regulatory filings revealed that five-fold investment by hedge funds in Digital World is possible, and Patrick Orlando (who backed SPAC) will likely see an estimated $420 million in the rise in shares.

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