After a surprise announcement, a Trump-linked stock skyrocketed — tripling in price and drawing in waves of retail investors.
The news that Donald Trump is launching a social-media platform through a SPAC — the trendy shortcut to going public, in which a shell corporation merges with a private company — came as a surprise to almost everyone. It certainly happened quickly. While hundreds of SPACs are searching for merger partners (a process that can take more than a year), the deal struck between Trump Media & Technology Group and publicly traded Digital World Acquisition seems to have taken only a few weeks. The deal became even more intriguing after shares in the SPAC more than tripled once the deal was announced. Retail investors — no doubt many of them fervent Trump supporters — have poured into the stock.
