Why Trump Media Stock Zoomed Higher This Week
Shares of Trump Media and Technology Group (NASDAQ: DJT) zoomed 67.7% higher this week, according to data from S&P Global Market Intelligence. The company -- which is affiliated with the former president and owns the Truth Social media application -- finally merged with a special purpose acquisition company (SPAC) and entered the public markets. Investors have been trading the stock like mad and are showing no signs of slowing down.
Here's why shares of Trump Media Group were soaring this week.
This was the week Trump Media Group finally merged with Digital World Acquisition Corporation (a SPAC) and entered the public markets. The company raised around $300 million with the stated goal of fighting back against big tech censorship. Prices have traded wildly, but right now Trump Media Group is valued at a market cap of just under $10 billion -- $8.39 billion to be exact, as of this writing.
Source Fool.com
