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Last week, the new Meme stock is born, the monster ally of DWAC shocked the entire world. It is the hottest stock trending on Reddit, Yahoo Finance, and in StockTwits where numerous Trump supporters and haters flooded the chatting rooms and carried the stock up 800% in just two days!!! In StockTwits, message volume shoots up from zero to over 123,000 in a matter of 4 to 5 days.
On Wednesday last week, former U.S. President Donald Trump announced the SPAC merger in which his newly formed Trump Media & Technology will acquire Digital World Acquisition Corp making the combined company worth 875 Million at an initial value, with a potential additional earn-out of $825 Million in additional shares for a cumulative valuation of up to $1.7 Billion, according to the Press Release from Trump Media & Technology.
Thursday morning, DWAC stock opened at $11 per share, and then slowly rose to $20 per share. During intraday trading, the stock was halted 12 times before trading resumed due to significant volatility. By the end of the day, the stock was up 350 percent, closing the market at $45.50 per share.
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On Friday, the stock continued its rally, hitting an all-time high at 175.0 at 10:30 AM, before falling, closing the market at $94.20. But that is not it, the warrants for Digital World Acquisition Corp was up over 1000%. Phunware, a software ad company that serviced Trump’s 2020 re-election campaign, was also up 1000%.
Image Source: finance.yahoo.com
The popularity of the stock continued to surge over weekends, especially among social media and YouTube videos. Patrick Orlando, the CEO of Digital World Acquisition Corp, last Friday announced more regulatory details would be followed soon. “ Maybe around this Thursday,” Orlando said when he was reached by Reuters over the phone asked about releasing more financial details about this deal.