Trump-Tied SPAC Gains as Investors Leap at Presidential Bid
Investors snapped up shares of $Digital World Acquisition Corp (DWAC.US)$ , 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 66% in the biggest one-day advance since the initial pop when the merger was announced as millions of shares changed hands. Warrants tied to the SPAC surged 125% to $9.30, while Phunware Inc., a software company that worked on Trump’s re-election campaign, jumped 38% and video platform Rumble Inc. rose 3.8%. Rumble says it’s “designed to be immune to cancel culture” and has a pact with Trump Media & Technology Group.
The special-purpose acquisition company rallied 66% in the biggest one-day advance since the initial pop when the merger was announced as millions of shares changed hands. Warrants tied to the SPAC surged 125% to $9.30, while Phunware Inc., a software company that worked on Trump’s re-election campaign, jumped 38% and video platform Rumble Inc. rose 3.8%. Rumble says it’s “designed to be immune to cancel culture” and has a pact with Trump Media & Technology Group.
![Trump-Tied SPAC Gains as Investors Leap at Presidential Bid](https://ussnsimg.moomoo.com/1667889926970-70042970-android-org.png/bigmoo)
Digital World’s surge accelerated as the session went on as more than 32 million shares changed, nearly 33-times the activity seen on average over the past month. Call option volume outpaced those for puts on the stock at a more than 2:1 ratio, with calls with a strike price of $30 that expire on Nov. 11 and Nov. 18 the most actively traded.
Short covering could also be driving some of the strength, an action where investors close some of their negative bets as shares rise. Nearly 13% of Digital World shares available for trading are currently sold short, according to S3 Partners data.
$Twitter (Delisted) (TWTR.US)$ $Meta Platforms (META.US)$ $S&P 500 Index (.SPX.US)$
Short covering could also be driving some of the strength, an action where investors close some of their negative bets as shares rise. Nearly 13% of Digital World shares available for trading are currently sold short, according to S3 Partners data.
$Twitter (Delisted) (TWTR.US)$ $Meta Platforms (META.US)$ $S&P 500 Index (.SPX.US)$
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102790442 : I'm interested in this stock, but I don't know much about it and haven't bought it