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Trump's Company DWAC Shares Soar 356%

Trump's Company DWAC Shares Soar 356%

Former US President Donald Trump announced on October 20 that he would create his own social media platform "TRUTH Social" and list it through a special purpose acquisition company (SPAC) called Digital World Acquisition (DWAC.US). After the news was exposed, DWAC exploded and its stock price soared by more than 400% on the 21st, becoming a topical US stock. CNBC, "Wall Street Journal" and other foreign media reported that on the 21st, DWAC's stock price soared 356.83% to close at $45.50. Due to the excessive increase, DWAC triggered the fuse mechanism several times that day, and it rose by more than 400% during the intraday session, reaching a new high price of US$52. DWAC is not only the most actively traded stock on the Fidelity trading platform on the 21st, but also the highest trading volume ever on the Consolidated Tape of the New York Stock Exchange and the Nasdaq Exchange. stock. According to data from FactSet, during the general trading hours on the 21st, the trading volume of DWAC exceeded 470 million shares. In contrast, the SPDR S&P 500 ETF (SPY.US), which tracks the S&P 500, only trades about 32 million shares. Trump's media company "Trump Media & Technology Group" (TMGT) issued a press release on the 20th announcing that it has reached a merger agreement with DWAC and will backdoor listing on the Nasdaq Stock Exchange. Pu became the chairman of the new company and launched a new social media platform called "TRUTH Social".
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