Trump media SPAC stock doubles, bringing 2-day gains to 800% in retail-trading frenzy
Digital World Acquisition Corp., the SPAC that is taking former President Donald Trump's planned social media platform public, soared for a second day Friday as retail traders continued to pile in.
The SPAC, which trades under the ticker DWAC on the Nasdaq, skyrocketed 284% at one point and closed up 107% at $94.2 a share. Trading in the stock was halted due to volatility multiple times. Friday's rally brought the SPAC's two-day gains to more than 800%.
Phunware, the advertising software startup involved with Trump's 2020 reelection campaign, jumped in unison with DWAC. The stock rallied whopping 471% to $8.74 per share Friday, bringing its gains this week to nearly 750%. There was no indication DWAC and Phunware have a business relationship.
SPAC stands for special purpose acquisition company, which raises money on the public markets with a goal of merging with a private company and taking it public within two years. Investors typically have no clue what the target company will be when the SPAC debuts and trades on the stock exchange.
