Former President Donald Trump announced that he will be rolling out his new social media platform, 'Truth Social' which he claims will "stand up to the tyranny of Big Tech".
The stock price of SPAC company Digital World Acquisition (DWACU) - Get Digital World Acquisition Corp. Report soared more than 400% and was halted multiple times on news of a merger with Trump Media & Technology Group.
Trump Media & Technology Group, incorporated after Trump's loss of the 2020 election is also planning a video-on-demand service dubbed TMTG+ that will feature entertainment programming, news, and podcasts.
Digital World Acquisition is a blank-check firm, or special purpose acquisition company, which is specifically created to raise money in the public markets and then to use that capital to merge with a private firm, according to CNBC
The ticker DWAC was also among the top 10 most popular stocks on Reddit's WallStreetBets chatroom on Thursday, possibly adding more retail investor support to the SPAC price.