Business Maverick: Trump-Tied SPAC Gains as Investors Leap at Presidential Bid

📆 07/11/2022 20:27:00
📰 dailymaverick

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Investors snapped up shares of Digital World Acquisition Corp., the blank-check firm set to merge with Donald Trump’s social media company, after the former president hinted at plans to make another bid for the White House.

The special-purpose acquisition company rallied as much as 31% to the highest since September in heavy trading on Monday. Warrants tied to the SPAC surged 53%, while Phunware Inc., a software company that worked on Trump’s re-election campaign, jumped 19%.

Digital World has been volatile as the SPAC’s sponsors fail to corral its primarily retail trader base to vote on an extension to the deadline for its merger with Trump Media & Technology Group. Shares were down 70% from a year ago through Friday’s close amid weak demand for Truth Social and as investor weigh how Elon Musk’s purchase of Twitter Inc. could affect its future.

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