Twitter pick – new Trump venture

  • The stock of SPAC company Digital World Acquisition Corp. skyrocketed on extremely heavy trading volume after news of a merger that would launch former President Donald Trump’s planned social media platform.
  • DWAC’s stock surged 400% Thursday after trading was halted multiple times due to volatility.
  • DWAC was among the top 10 most popular names on Reddit’s WallStreetBets chatroom, even exceeding meme stock GameStop’s mentions.

CNBC

The stock price of SPAC company Digital World Acquisition Corp. skyrocketed on extremely heavy trading volume Thursday after news of a merger that would launch former President Donald Trump’s planned social media platform.

DWAC’s stock surged as much as 400% to $51 per share Thursday after trading was halted multiple times due to volatility.

Digital World Acquisition was the single most actively traded stock on the Fidelity platform Thursday, and was by far the most traded name on the consolidated tape of New York Stock Exchange and Nasdaq listings.

Buy orders for DWAC — a so-called special purpose acquisition company set up to raise capital in the public markets to purchase private firms — outnumbered sell orders by nearly 3-to-1 on Fidelity’s platform.

By afternoon trading, more than 360 million shares of DWAC had already changed hands, according to FactSet.

In comparison, SPY, the exchange-traded fund that tracks the S&P 500, had only traded about 20 million shares around the same time.

This entry was posted in MAGA, Social Media. Bookmark the permalink.

3 Responses to Twitter pick – new Trump venture

  1. geoffg12 says:

    Looks like the Trump-inspired RNC will take more than 53 seats in the 2022 House and at least 9 seats in the Senate.

    Liked by 2 people

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