Why Digital World Acquisition Stock Skyrocketed 357% Today

Shares of Digital World Acquisition (NASDAQ:DWAC) soared 357% on Thursday after the special purpose acquisition company (SPAC) announced a deal to merge with Trump Media & Technology Group.  

Should it receive shareholder and regulatory approval, the merger would allow Trump Media & Technology Group to become a publicly traded company. The deal values the business at up to $1.7 billion when including earn-out incentives.

Trump Media & Technology Group said it plans to launch a new social network to "create a rival to the liberal media consortium and fight back against the Big Tech companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America."

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Source Fool.com