Shares of Trump SPAC Digital World Acquisition Soar After Social Media App Sets Launch Date

Shares of the company which is taking Donald Trump’s social media platform public rose nearly 20 percent on Thursday after a listing on Apple’s app store showed an expected start date of Feb. 21—the U.S. Presidents’ Day holiday, The Epoch Times reports.

The SPAC’s stock climbed as high as $60.27 at the bell Thursday, but had settled to $54 just before the market close Friday.

Trump has vowed to create a social media and content platform to rival Twitter and Facebook, after being booted off both platforms last year.

Details about the SPAC remain sketchy. Digital World last month announced it had secured $1 billion in PIPE commitments, although none of the investors were named. The SPAC also faces a lawsuit from a former nominee for director who alleges he was frozen out of the deal. Read more.

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