Trump Social Media Company’s Owner Sees Stock Price Soar Over 1,600%

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The share price of the owner of former President Donald Trump’s social media venture Digital World Acquisition Corp. rose as much as 1,657% on Friday, two days after Trump announced its launch.

The company, a special purpose acquisition company (SPAC) listed on the NASDAQ exchange as DWAC, will merge with Trump Media and Technology Group to launch a new social media, news and entertainment platform, Trump announced Wednesday. SPACs are a type of corporation used to buy private businesses and secure investor funding without the private companies themselves going public.

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