Following the launch of the new platform, Trump media stocks have increased by 800%.
In just two days of trading, the stock price of Digital World Acquisition Corp. (DWAC), the special-purpose acquisition company that would take former US President Donald Trump’s planned social media platform public, soared by more than 800 percent.
According to official numbers, the company, which trades on the Nasdaq under the ticker DWAC, had its stock price rise 356.8% on Thursday and another 107 percent on Friday.
The company’s stock price was USD9.96 at market close on Wednesday when it announced a merger with Trump Media & Technology Group.
On Thursday, the stock price of DWAC soared to USD45.50 per share, climbing as high as USD175 on Friday before closing the day at USD94.20.
DWAC shares soared from USD9.96 to USD94.20 between Wednesday and Friday closings, a whopping 845.8% increase.
Due to extreme volatility, trading of DWAC shares on the Nasdaq was interrupted several times over the two days.
The next day, after DWAC announced a merger with Trump Media & Technology Group on Wednesday, the combined company was valued at USD875 million.
TRUTH Social, which will begin inviting guests for a beta launch next month and will be available to all users in the first quarter of 2022, has been unveiled by Trump.
In the aftermath of the Capitol Hill riots on Jan. 6, the former president, who stated TRUTH Social will “stand up to the tyranny of Big Tech,” was taken off Twitter and Facebook. He was frequently accused of spreading false information on social media networks.