Why Shares of Digital World Acquisition Corp. Are Rising Today

Shares of Digital World Acquisition Corp. (NASDAQ: DWAC), the special-purpose acquisition company (SPAC) planning to buy the parent company of the Donald Trump-backed social media platform Truth Social, traded roughly 6% higher as of 11:30 a.m. ET today. The stock had been up more than 12% when the market opened.

Shares spiked after former President Donald Trump posted on Truth Social. The platform has also seen an increase in downloads recently.

Yesterday, Trump posted on Truth Social, saying "I'M BACK! #COVFEFE," which was also accompanied by a photo of the former president at his Mar-a-Lago property in Florida. "Covfefe" is in reference to a typo Trump made on Twitter that has since become famous.

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Source Fool.com