Trump’s social app surges, after reports of entering the presidential run

Nov 7, 2022 thejournalbiz

Shares of the SPAC attempting to take former President Trump’s social-media company public rose more than 35%

Reaching a stunning $22 per share Monday following reports that he is preparing to announce a comeback White House campaign.

Tweet on Trump’s Spac ‘the truth’ app

Shares of the SPAC attempting to take former President Trump's social-media company public rose more than 35% Monday, following reports that he is preparing to announce a comeback White House campaign, via @FactSet pic.twitter.com/2bpD6INiGK

— The_Journalbiz (@the_journalbiz) November 7, 2022

FactSet Chart; on Truth social

The move adds to a string of speculative moves in shares of Digital World Acquisition, which has attracted individual investors since announcing the SPAC merger over a year ago.

The SPAC has struggled to complete the deal to take Trump Media & Technology Group public with federal authorities and regulators investigating the merger and investors failing to approve an extension to a deadline for the deal.

If it isn’t completed by the deadline, currently in December, and the SPAC is liquidated, shareholders will get about $10 a share back, while many will lose money if it come to that conclusion

The SPAC on Thursday delayed a shareholder meeting to Nov. 22 to give more investors time to extend that deadline to September 2023. The SPAC executives could also pay for a shorter extension if they don’t get approval.

Speculation about how Elon Musk’s acquisition of Twitter could impact Mr. Trump’s platform Truth Social has also swung Digital World’s stock in recent months.