Digital World SPAC Shares Jump 18% After DeSantis Drops Out
22 Janeiro 2024 - 12:44PM
Dow Jones News
By Ben Glickman
Shares of Digital World Acquisition, the company looking to take
Donald Trump's Truth Social platform public, surged Monday after
Ron DeSantis dropped out of the race for the Republican nomination
for U.S. president.
The stock was up 18% to $31.10 in morning trading Monday,
reaching an intra-day high of $32.92, its highest level since
August 2022. Shares are up 84% in the last month.
The special-purpose acquisition company gained sharply last week
after Trump, the former president and current candidate, won the
Iowa caucuses by a substantial margin.
Florida Governor Ron DeSantis, formerly one of two candidates
still vying with Trump for the Republican nomination, on Sunday
ended his bid and endorsed the former president.
Voters in New Hampshire are set to cast ballots for Republican
primary candidates on Tuesday, with polls showing Trump with a lead
over former South Carolina Governor Nikki Haley.
The SPAC has said it's expecting to complete the merger with
Trump Media & Technology Group, which runs Truth Social, as
soon as the first quarter of 2024.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 22, 2024 10:29 ET (15:29 GMT)
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