The share price of a special purpose acquisition company that will fund a new social media network headed by former President Donald Trump fell quickly late Friday morning after colossal gains to start the day
headed by former President Donald Trump fell quickly late Friday morning after colossal gains to start the day, with its price just before 11:30 a.m. falling more than 60% off its daily high.... [+]Shares of Digital World Acquisition Corp. were trading at $69.72 late Friday morning—significantly below the day’s high of $175.
Trading of the stock has been halted several times on Friday, just as it had on Thursday due to volatility. The share price is still up more than 50% from Thursday’s close of $45.50, which itself was 357% higher than Wednesday’s close. In a news release on Wednesday night, a new firm called the Trump Media and Technology Group announced it would merge with the SPAC to create a new, publicly listed social media company called"TRUTH Social," with Trump serving as chairman.
Prior to Wednesday's news, Digital World Acquisition was usually trading just below $10, meaning at times Friday morning the price wasThe stock appears to be especially popular among retail and meme traders, with it being a center of discussion on sites like r/WallStreetBets, which was known for fueling the meme stock craze that sent shares of GameStop soaring in January.
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