Why Shares of Digital World Acquisition Corp. Are Rising Today
Shares of the shell company Digital World Acquisition Corp. (NASDAQ: DWAC) traded nearly 11.5% higher as of 10:55 a.m. ET today after Elon Musk said he would end his bid to buy Twitter (NYSE: TWTR).
DWAC is a special purpose acquisition company (SPAC) that is attempting to merge with and take public Trump Media & Technology Group (TMTG), the parent company of Truth Social, an alternative social media platform.
When DWAC announced that it would be merging with TMTG, shares soared on the belief that an alternative social media platform backed by former President Donald Trump and his huge following could potentially challenge mainstream social media.
Source Fool.com
