Trump's SPAC zooms on deal for new social media co, sparks retail chatter
21/10/2021 16:21
(Updates)
** Digital World Acquisition DWAC.O soars as much as 99%
to $19.85 as the SPAC enters deal to take Trump Media &
Technology Group (TMTG) public
** DWAC, last up 94%, is trending #1 on stocktwits.com,
suggesting interest from small-time investors
** With 193 mln shares changing hands, DWAC is the most
actively traded stock across U.S. exchanges
** TMTG to launch former U.S. President Donald Trump's own
social media called TRUTH Social
** The social network is set for a beta launch next month
and full rollout in the first quarter of 2022
** TMTG will receive $293 mln in cash that DWAC had in
trust, assuming no shareholder of the acquisition firm chooses
to redeem their shares
** DWAC is led by former investment banker Patrick Orlando
** Twitter, Facebook and other social media platforms had
banned Trump from their services after hundreds of his
supporters rioted at the U.S. Capitol on Jan. 6
** DWAC ended Wednesday at $9.96 vs Sept. IPO price of $10,
according to IPOScoop.com
(Reporting by Medha Singh)
((medha.singh@thomsonreuters.com))