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Making SPACs Great Again? Trump Stock DWAC Surges 356%, Shines Attention On Out-Of-Favor Sector

Making SPACs Great Again? Trump Stock DWAC Surges 356%, Shines Attention On Out-Of-Favor Sector
On Thursday, a SPAC deal was announced to bring a new social media platform and other businesses from former President Donald Trump to the public markets.

The SPAC Deal: Trump Media & Technology Group is merging with Digital World Acquisition (NASDAQ:DWAC) in a deal valuing the company at $875 million and up to $1.7 billion based on future earnouts. The company is planning to launch the TRUTH Social platform in beta in November.

Trump Media & Technology Group has its sites set on many technology giants, such as Twitter Inc (NYSE:TWTR), Walt Disney Co (NYSE:DIS) and CNN, among others.

Related: 7 Key Takeaways From The Donald Trump SPAC Deal

Historical Move: Shares of DWAC ended the day up 356.8% to $45.50. The warrants, which trade as DWACW were up 2,114% to $11.29.
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