Shares of Digital World Acquisition Corp experienced a staggering 30% surge following regulatory approval for its merger with former U.S. President Donald Trump’s media firm. The U.S. Securities and Exchange Commission (SEC) declared the registration statement for the proposed merger with Trump Media & Technology Group (TMTG), the owner of Truth Social, as effective. Despite facing challenges and undergoing changes, Digital World’s stock skyrocketed, and the company anticipates announcing a stockholders’ meeting date for merger approval shortly.
The stock’s remarkable 150% surge since January 15, coinciding with Trump’s success in the Iowa caucus, underscores the heightened investor interest. Overcoming hurdles, including investigations by the U.S. Department of Justice and the SEC, a CEO replacement, and a board shake-up, Digital World’s ascent is indicative of the market’s optimism. The positive momentum extended to related stocks, with video-sharing platform Rumble and software developer Phunware experiencing notable increases in value, further highlighting the broader impact of this significant merger.
