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.
The share price rose over 350% Thursday and climbed over 1,600% Friday morning to a roughly $175 share price before settling back down to around $90 a share by Friday afternoon.
The new social media platform, TRUTH Social, is envisioned by Trump as a way “to stand up to the tyranny of Big Tech,” according to an announcement.
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” Trump said. “This is unacceptable.”
The company had “at an initial enterprise value of $875 Million, with a potential additional earnout of $825 Million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 Billion,” according to the announcement.
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