Shares of a company linked to Trump’s media project jump 200%

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The shares of a new investment company linked to the social networking project of former US President Donald Trump returned to the stock market before it was temporarily suspended on Friday due to sharp fluctuations.

Shares of Digital World Acquisition Corp., which is set to merge with the emerging media company Truth Social, rose more than 200% on the Nasdaq before trading was suspended for several minutes.

At about 14:35 GMT Friday, the company’s share rose more than 115.4% to trade at $98.01.

Shares of Digital World, a “special purpose acquisition company” (SPAC), had It rose 357% Thursday after the announcement of the merger with “Truth Social”“.

A joint statement by Trump Group for Media and Technology and Digital World described the project as “a competition for a liberal media rally aimed at confronting the big tech companies in Silicon Valley that have used their unilateral power to silence dissenting voices in America.”

The statement added that the project is expected to be launched nationwide in the first quarter of 2022.

During his presidential term, Trump had used social networking sites, such as: “Facebook” and “Twitter” extensively and aggressively in the face of traditional media.

But his accounts were suspended on the two platforms after his supporters stormed the Capitol on January 6 this year, following the presidential elections, the results of which he rejected as fraudulent.

Plumber buyout companies are a “blank check” because they are created with the sole purpose of merging them with another company.

The use of buyout firms, or “plumbers,” has prevailed in the last two years, and office-sharing company WeWork followed this strategy before going public on Thursday.



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