Investors are rushing back into the blank-check firm taking former President Donald Trump’s media company public after its social media network launched over the weekend.
Shares of Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media & Technology Group, soared as much as 64% in premarket trading before paring gains. Trump’s new social media network, Truth Social, became available for users and was the top free app in Apple’s App Store.
Digital World’s 747% rally since going public has been a volatile one, with shares trading as high as $175 on Oct. 22 before plummetting more than 60% in the next week. Despite the swings, the SPAC is the best performing blank-check firm ever and has attracted both institutional and retail investors.
The app, launched on Monday, which was Presidents’ Day in the U.S., is telling prospective users there’s a lengthy waiting list to sign up. The wait-list topped 385,800 as of 8:40 a.m. in New York. The app has been reported to be in test stages since December.
Other companies with business strategies linked to the former president, including CF Acquisition Corp. VI, gained. The SPAC, which is merging with video platform Rumble Inc., rose 2.5% to $14.48. Trump Media and Rumble have a technology and cloud services agreement for Rumble to deliver video and streaming for Truth Social.
This article was provided by Bloomberg News.