Shares of Digital World Acquisition, the SPAC looking to take Donald Trump’s Truth Social platform public, climbed 2.6% in morning trading Friday, after the former president said he’s been indicted in the federal investigation into classified documents, per Market Watch.
Trump has been summoned to appear in federal court in Miami on June 13. After Trump was found liable for sexual abuse and defamation on May 9, the SPAC’s stock rose 3.6%, and climbed 7.5% over three days to close May 11 at $13.93, before pulling back.
A merger with Digital World and Trump Media & Technology Group has been in the works since October 2021, though the deal remains under federal investigation and the SEC has yet to approve the registration statement.
The SPAC’s stock has tumbled 69.7% over the past 12 months, while the S&P 500 SPX, 0.16% has gained 7.2%.
