Trump-Linked SPAC Plummets After Massive Surge

Trading has been halted several times.

10/22/2021 7:12:00 PM

The share price of a special purpose acquisition company that will fund a new social media network headed by former President Donald Trump fell quickly late Friday morning after colossal gains to start the day

Trading has been halted several times.

Then-President Donald Trump speaks during a cabinet meeting at the White House on October 21, 2019... [+]in Washington. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)AFP via Getty ImagesKey FactsShares of Digital World Acquisition Corp. were trading at $69.72 late Friday morning—significantly below the day’s high of $175.

Stephen Sondheim’s Most Memorable Songs Why wiping out Hong Kong's opposition may have cost China a whole generation in Taiwan Kim Kardashian and North West have a new TikTok account - CNN Video

Trading of the stock has been halted several times on Friday, just as it had on Thursday due to volatility.The share price is still up more than 50% from Thursday’s close of $45.50, which itself was 357% higher than Wednesday’s close.In a news release on Wednesday night, a new firm called the Trump Media and Technology Group announced it would merge with the SPAC to create a new, publicly listed social media company called"TRUTH Social," with Trump serving as chairman.

Prior to Wednesday's news, Digital World Acquisition was usually trading just below $10, meaning at times Friday morning the price wasmore than 1,000% higherthan it was on Wednesday.The stock appears to be especially popular among retail and meme traders, with it being a center of discussion on sites like r/WallStreetBets, which was known for fueling the meme stock craze that sent shares of GameStop soaring in January. headtopics.com

What To Watch ForTRUTH Social bills itself as a “rival to the liberal media consortium,” with Trump saying he plans to use the network to regain his presence on social media. “Your favorite American President has been silenced,” Trump said in a statement, referring to his ban from every major social media platform after his supporters stormed the U.S. Capitol on January 6. The Trump Media and Technology Group also announced plans to launch a streaming service featuring “non-woke” programming. The social network plans a beta launch next month ahead of a full rollout in early 2022.

Key BackgroundSPACs have become increasingly popular over the past few years, which are created to raise funds from investors before buying an existing company. That’s led to SPACs often being referred to as blank-check companies. In the case of Digital World Acquisition, it was formed last year and announced an initial public offering earlier this year with a plan to merge with “middle-market emerging growth technology-focused companies.” For Trump, this will not be his first venture with a public firm. In 1995, he took Trump Hotels and Casino Resorts public by listing it on the New York Stock Exchange, which led to investors buying more than $140 million of stock. By 2004, the company declared bankruptcy, after Trump largely used

and relieve his personal debt burden. Read more: Forbes »

New Zealand PM Ardern says prepared for new COVID-19 variants

New Zealand is well prepared for the discovery of new coronavirus variants that may be resistant to vaccines, Prime Minister Jacinda Ardern said on Friday, including the strain currently spreading in South Africa.

People don't want to invest in another Trump scam. He's already taken too much from the American people. Why did it even take off at first? It was a scam all along. 🤣🤣🤣 a grade school child could have forecasted this. Investors should take a history course on trump. Bankruptcies, Failed presidency.

Trump-Linked SPAC Skyrocketing Again—Shares Up 190% FridayTrading was immediately halted after the market opened. How is the leader of criminally indicted Trump Org able to buy or merge with a publicly traded company? Nice. Trump should be back.

Scaramucci says he hopes the Trump SPAC keeps soaring so he doesn't run for president againAnthony Scaramucci, the hedge fund founder and one-time Trump official, says he hopes the former president's SPAC keeps soaring so he doesn't run in 2024 Go home Anthony...let's Make SPACS Great Again horrible Where’s the SEC?

Trump announces social media platform launch plan, SPAC dealFormer President Donald Trump is launching his very own media network, which will include a social media platform in order to 'stand up to the tyranny of Big Tech.' To the moon Sign me up!

Shares Of SPAC Behind Trump Social Media Company Jump 295%Trump unveiled plans for a new social media company called 'TRUTH Social' on Wednesday. Trump selling naked unregistered shares in $DWAC bout now... Buy $DRV end the fraud 🤥🤥🤥

Lawyer: Items linked to Brian Laundrie found in Florida parkST. PETERSBURG, Fla. (AP) — Items believed to belong to Brian Laundrie were found Wednesday in a Florida wilderness park as the search continued for clues in the slaying of Gabby Petito, a Laundrie family attorney said. Florida? Could be inside a gator 🤷🏾‍♂️ Parents will always be Parents,they are going to protect their son at all cost. Dude somehow just fell off the face of the earth Smfh

Raw Onions Are Linked to a Salmonella Outbreak in 37 StatesRed, white, and yellow onions imported from Mexico are all impacted.