Shares of Digital World Acquisition Corporation (NASDAQ: DWAC) were moving higher today after former President Donald Trump was indicted yesterday by a New York grand jury.

Digital World Acquisition is the special purpose acquisition corporation (SPAC) that's set to merge with Trump's social media network, Truth Social, and investors seem to be betting that the indictment and expected trial will bring increased attention to the platform.

As a result, Digital World stock was up 5.5% as of 1:19 p.m. ET.

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Source Fool.com