Posted on 10/21/2021 2:05:40 PM PDT by Presbyterian Reporter
Investors on Thursday piled into shares of the special-purpose acquisition company taking former President Donald Trump’s new social-media platform public, igniting a buying frenzy reminiscent of the SPAC craze from early this year.
Shares of Digital World Acquisition Corp. more than quadrupled to $45.50 in the first trading session following the deal announcement. Trump Media & Technology Group said late Wednesday it would combine with the SPAC and soon launch a new social network called Truth Social. The deal values the Trump media company at about $875 million, including debt.
The unveiling of the new company comes after Mr. Trump’s access to several social-media platforms including Twitter Inc. and Facebook Inc. was restricted following the Jan. 6 assault on the U.S. Capitol. He held discussions with a number of different platforms throughout the year to find a new online megaphone. Mr. Trump had nearly 89 million followers on Twitter.
The Blank-Check Boom Poses Pitfalls for Investors The Blank-Check Boom Poses Pitfalls for Investors Private companies are flooding to special-purpose acquisition companies, or SPACs, to bypass the traditional IPO process and gain a public listing. WSJ explains why some critics say investing in these so-called blank-check companies isn’t worth the risk. Illustration: Zoë Soriano/WSJ Digital World Acquisition and its stock ticker, DWAC, were trending on some social-media platforms Thursday, with traders rushing to buy the shares. Such sharp share-price increases for companies going public with SPACs were common early this year, when such stocks were popular among day traders. The big gains have become less common in recent months with many companies that go public this way struggling to meet their growth targets.
(Excerpt) Read more at wsj.com ...
"""igniting a buying frenzy reminiscent of the SPAC craze from early this year.""" ----
This absolutely puts a smile on my face.
after hours trading is up-—
DWAC
DIGITAL WORLD ACQUISITION CORP CLASS A COM
$45.50 +35.54 (+356.83%)
At close: Oct 21, 2021, 4:00 PM ET
Extended hours
$54.03 +8.53 (+18.75%)
I am likewise smiling. It is so much fun to be watching “The Art of the Deal” in real time.
While Trump brings his “Big New Deal” to the market place, Biden and his minions are:
“Legacy outlets are making fools of themselves by spinning the news that President Joe Biden’s Internal Revenue Service is targeting Americans and their bank accounts.”
Compare and contrast.
could you imagine if this was a biden backed company? omg. swirling on day one no doubt
WSJ is being sour but there has been a lot of crazy interest in SPACs lately — Trump’s involvement amplified that trend in this case, but can’t sustain it.
If you pay attention to meme stocks, that is a very risky idea.
Why does the WSJ have to mention January 6th....a “riot” caused by BLM and Antifa infiltrators, as well as FBI instigators, all in MAGA gear?
Oh yeah....James Murdoch is the heir apparent to the empire.
DWAC ping.
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