Thanks to Mr. Trump, the stock of a company increased... 460%

Shares of Digital World Acquisition Corp. (DWAC) listed on the New York Stock Exchange jumped 460% after the news of its merger with Trump Media & Technology Group (TMTG).

Mr. Trump founded the social network Truth. Photo: World Wire
Mr. Trump founded the social network Truth. Photo: World Wire

The New York Post reported that shares of DWAC jumped more than 460% on October 21 after announcing it would merge with TMTG - the new social media company of former US President Donald Trump.

On the morning of October 21, the value of shares of DWAC listed on the New York Stock Exchange was at $12.73 per share. By 13:45 on the same day, the share value of DWAC skyrocketed to 58 USD/share, equivalent to an increase of 460%.

Previously, shares of DWAC fluctuated strongly twice at noon and early afternoon of October 21 with an increase of more than 134%, then reached a gain of 460% at 13:45 on the same day. At 13:49, DWAC's shares traded at $50.17/share and ended the day's trading session at $49.08/share, equivalent to an increase of 383%.

According to The New York Post, the sudden increase appears to have been driven by amateur traders.

Shares of DWAC are the most traded stocks on the platform of multinational financial services Fidelity (USA) with more than 30,000 orders in the early morning. DWAC is also the most mentioned company on the amateur trading platform Stocktwits and is widely mentioned on Reddit's WallStreetbets forum.

On the evening of October 20, Trump's company TMTG announced plans to merge with DWAC, and announced it would launch a new social network called "Truth Social". Its mission is to "create a rival to the media conglomerates and fight against the big tech companies of Silicon Valley".

However, only 2 hours after it was announced, this social network was hacked by hackers, although it will not be officially active until early 2022.

Specifically, the hacker created a fake account named "donaldjtrump" to post a picture of a pig. According to the media, the website of the social network Truth is in beta, but users can still register for an account through a loophole.

Google Tech News

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