by Chris Brunet and Harry Wilmerding
Investors in former President Donald Trump’s social media venture’s parent company rejoiced Thursday, the anniversary of the Capitol riot, as shares skyrocketed by 20%.
Digital World Acquisition Corporation (DWAC) began the day with shares hovering around $50 before rising to $60 by the close of trading. This increase brought DWAC’s total market capitalization to approximately $2.2 billion.
A special purpose acquisition company (SPAC) is a company formed with the purpose of buying private businesses and securing investor funding without the private businesses themselves going public.
The driving force for Thursday’s surge was a post in the Apple App Store indicating that Truth Social — Trump’s social media platform — set a launch date of Feb. 21, Presidents’ Day, The Guardian reported. At the helm of Trump’s new platform will be Republican California Rep. Devin Nunes, who announced his plan to resign from Congress last month to become chief executive of the Trump Media and Technology Group (TMTG).