Trump Media Stocks Jump 800% After Announcement Of New Social Media Platform

Fahad Shabbir (@FahadShabbir) Published October 24, 2021 | 05:10 PM

ANKARA , Oct 24(UrduPoint / Pakistan Point News - 24th Oct, 2021 ) -:Digital World Acquisition Corp, the special-purpose acquisition company that will take former US President Donald Trump's planned social media platform public, saw its stock price soar more than 800% just in two days of trading.

The company, which trades on the Nasdaq under ticker DWAC, saw its stock price jump 356.8% on Thursday and an additional 107% on Friday, according to official figures.

When the company announced a merger with Trump Media & Technology Group on Wednesday, its stock price stood at $9.

96 at market closing.

DWAC stock price jumped to $45.50 per share on Thursday, and saw as high as $175 on Friday before ending the day at $94.20 a share.

Between two closings of Wednesday and Friday, DWAC shares rose from $9.96 to $94.20 � skyrocketing 845.8%.

Trading of DWAC shares was halted multiple times on the Nasdaq due to high volatility during the two days.

After DWAC announced a merger with Trump Media & Technology Group on Wednesday, the merger gave the group a valuation of $875 million the next day.