It’s a piling-in effect. Everyone is just hoping the next person who comes is willing to pay more, said Briefing.com analyst Patrick O’Hare
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A new investment vehicle linked to Donald Trump’s fledgling media venture soared again on Friday in a frenzy that reflects the former president’s staying power, as well as a stock market increasingly prone to casino-like tendencies.
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Shares of Digital World Acquisition Corp, which is set to merge with Trump’s Media & Technology Group (TMTG) startup, surged prompting a temporary trading halt for a second straight day. Shares ended at $94.20, more than doubling its value from Thursday and more than nine times the price on Wednesday afternoon before the venture was announced. “It’s a piling-in effect. Everyone is just hoping the next person who comes is willing to pay more,” said Briefing.com analyst Patrick O’Hare.
While Trump remains a beloved figure to a sizeable minority of the US population, pundits said he could face challenges in building the sort of “media powerhouse” described by in a TMTG presentation, which includes plans for social media and streaming services. Digital World is a special purpose acquisition company (SPAC), sometimes called a “blank check” company because it is set up with the sole purpose of merging with another entity. A press release from the TMTG and Digital World said the companies plan to launch “TRUTH Social” nationally early next year.
89M
No. of followers Trump had on Twitter before his account was closed
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