Shares of the Trump-linked special purpose acquisition company, or SPAC, Digital World Acquisition Corp. continued to rally Friday morning , jumping another 100 percent in …
Shares of the Trump-linked special purpose acquisition company, or SPAC, Digital World Acquisition Corp. continued to rally Friday morning, jumping another 100 percent in premarket trading. The stock has soared as much as 620 percent since its Thursday opening price of $12.73 per share. Ahead of the market open Friday, the stock changed hands at as high as $91.90, and was last seen trading at more than $84.50 per share. Warrants tied to the SPAC have also soared in value, up more than 2,000 percent since the announcement. The warrants, which trade under the ticker DWACW, are contracts given to early investors that give the holder the right to purchase additional shares in the future at a certain price. The SPAC, a so-called blank-check company that’s formed and goes public to raise money from investors to fund an acquisition of a private company, which will then take its place on the markets, announced Wednesday evening that it plans to merge with former President Donald Trump’s new social media company. The surge that began Thursday morning appeared to be driven by amateur traders as the Reddit crowd that sparked the frenzy in GameStop stock earlier this year apparently piled in. DWAC was the most-traded stock on Fidelity’s platform on Thursday, with well over 30,000 buy orders earlier in the day, outnumbering the sell orders by 3 to 1. The stock saw more than three times the buy interest Thursday of Tesla, the second-most-bought stock on Fidelity, and over six times the demand for the ProShares Bitcoin Strategy ETF.
