Trading was immediately halted after the market opened.
The special purpose acquisition company that will fund a new social media network headed by former President Donald Trump is set for a second-straight day of colossal gains, with its share price up nearly 190% after the markets opened on Friday, after soaring 357% on Thursday.... [+]MediaNews Group via Getty ImagesShares of Digital World Acquisition Corp. were trading at $131.90 on Friday morning—well above the $45.50 price of the stock when markets closed on Thursday.
Trading was immediately halted after the surge to open the day Friday, after being stopped five times on Thursday due to volatility. In a news release on Wednesday night, a new firm called the Trump Media and Technology Group announced it would merge with the SPAC to create a new, publicly listed social media company called"TRUTH Social," with Trump serving as chairman.
Prior to Wednesday's news, Digital World Acquisition was usually trading just below $10, meaning its price has risen more than 1,000% in two days. The stock appears to be especially popular among retail and meme traders, with it being a center of discussion on sites like r/WallStreetBets, which was known for fueling the meme stock craze that sent shares of GameStop soaring in January.
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