Shares of Trump-Linked SPAC Jump Almost 200 Percent After Iowa Win

Published on January 24, 2024

Digital World Acquisition Corp. (DWAC), a business that plans to take over former President Donald Trump’s Truth Social platform, saw its shares almost triple in less than two weeks as the GOP candidate dominated the Republican Party nomination race. DWAC is a special purpose acquisition vehicle (SPAC)—a company without any commercial operations and created only to raise capital via an IPO to eventually acquire or merge with an existing company. DWAC is working towards merging with the Trump Media & Technology Group (TMTG), the parent firm of the former president’s social media platform Truth Social. For much of January, DWAC traded at around $17. The stock began to surge after President Trump won the Iowa caucus on Jan. 15 with record-shattering votes. On Jan. 12, DWAC was trading at $17.32, and on Jan. 16, a day after the caucus, shares jumped to $22.35....

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