Trading in Trump Social Media Stock Surges 200 Percent, Is Halted Several Times

11 months ago 156

Shares of erstwhile President Donald Trump’s Digital World Acquisition Corp., a blank-check steadfast that is taking his projected societal media level public, spiked connected Friday aft a immense rally the time before.

Trading successful Digital World Acquisition Corp. (DWAC) was halted connected Friday owed to volatility several times during Friday greeting trading aft it skyrocketed 216 percent astatine 1 point. On Thursday, the banal surged implicit 300 percent to adjacent astatine $35.54 with important trading measurement and volatility.

There is speculation that tiny retail investors whitethorn beryllium down DWAC’s surge, arsenic the banal trended each time connected Twitter and was heavy referenced connected the WallStreetBets sub-Reddit, the aforesaid forum that was mostly down the meteoric spike successful alleged “meme stocks” including GameStop and AMC earlier this year.

On Friday morning, respective apical posts connected the WallStreetBets referenced DWAC, Trump, and the former president’s borderline wall.

“Thank you Donald Trump, [DWAC] 17k nett yerterday [sic],” 1 idiosyncratic wrote.

DWAC was the most actively traded stock Thursday connected the Fidelity level and continued to beryllium the top-traded banal connected Friday. More than 11 cardinal shares were traded connected Thursday, up from astir 3,800 trades connected Wednesday.

The caller steadfast has stated that its “mission is to make a rival to the wide media consortium and combat backmost against the ‘Big Tech’ companies of Silicon Valley, which person utilized their unilateral powerfulness to soundlessness opposing voices successful America.”

The erstwhile president besides announced helium would motorboat a societal media platform, known arsenic Truth Social, coming aft Facebook, Twitter, and Google suspended Trump’s accounts successful aboriginal January. The institution is besides going nationalist via a special intent acquisition institution (SPAC) merger with DWAC.

“In the twelvemonth 2021, the media pendulum has swung dangerously acold to the left,” Truth Social’s About leafage reads. “Silicon Valley, the mainstream media, and Big Tech person begun to forcibly soundlessness voices that bash not align with their woke ideology.”

It adds: “They power the future. They power you. To antagonistic this unsafe workout of Big Tech monopoly power.”

Former adjacent Trump advisor Jason Miller has started his ain societal media platform, GETTR. In effect to Trump’s announcement, Miller said Wednesday that they couldn’t travel to an agreement.

“Trump has ever been a large deal-maker, but we conscionable couldn’t travel to presumption connected a deal,” helium told respective media outlets successful a statement, congratulating Trump connected the motorboat of the platform.

The erstwhile commander-in-chief, meanwhile, has often blamed Section 230 of the 1996 Communications Decency Act for what helium said has fixed societal media companies the quality to modulate contented posted connected their platforms. Those firms, helium and others person argued, are biased against conservatives and others with viewpoints extracurricular the mainstream.

Jack Phillips

Jack Phillips

Breaking News Reporter


Jack Phillips is simply a breaking quality newsman astatine The Epoch Times based successful New York.