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Trump’s Social Media Surges After SEC Approves Settlement

The special-purpose acquisition company aiming to merge with Donald Trump’s media company saw shares surge roughly 25% early Friday after resolving a regulatory investigation.

Tweet on Dwac stock fluctuation

Bloomberg chart

The Securities and Exchange Commission said late Thursday that Digital World Acquisition Corp. will pay an $18 million fine if it completes the deal with Trump Media & Technology Group.

The SEC alleged DWAC misled investors who participated in its initial public offering in 2021. DWAC disclosed the likely settlement in early July, when the SEC hadn’t yet approved the deal.

The resolution clears one obstacle to DWAC’s merger with Trump Media & Technology, which would become a public company if the deal is completed.

Source: Bloomberg