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.
