(TheLibertyRevolution.com)- Just one day after Digital World Acquisition Corp. announced a merger with former President Donald Trump’s new social media firm, shares in DWAC soared more than 460 percent on Thursday.
DWAC’s stock price began the day trading at $12.73 per share and reached as high as $58, up more than 460 percent, by 1:45 pm.
Trading of shares of the company was halted for volatility at noon, with the stock up more than 134 percent, and once more around 1 pm. Trading was halted again at 1:49 pm at $50.17 per share as it rapidly lost gains, but it still ended the day up 383 percent at $49.08 per share.
The surge appeared to be driven by amateur traders as the same group that sparked the frenzy in GameStop stock earlier this year began piling in.
The stock saw more than three times the buy interest on Thursday than Tesla, and over six-times the demand for the ProShares Bitcoin Strategy ETF.
Trump’s newly formed company, Trump Media & Technology Group, announced Wednesday evening that it plans to merge with DWAC and take its place on the public markets. TMTG will roll out a new social network, dubbed TRUTH Social, which is set to launch in beta for “invited guests” next month and come online nationwide during the first quarter of next year.
Its mission is to create a rival platform to compete against “the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America.”
Shares of DWAC continued to rally again on Friday, jumping another nearly 250 percent in morning trading. The stock has soared as much as 1,137 percent since its Thursday opening price of $12.73 per share.
Trading was halted again at $131.90 per share, up almost 190 percent from its opening price on Friday, less than a minute after the markets opened.
Shortly after 10 am, the stock was halted again at $157.50, up more than 240 percent since the opening bell. Six minutes later, it was halted yet again after falling rapidly to $144 per share – which was still up more than 210 percent since the markets opened.
The stock ended the day Friday up almost 122 percent at $108.84.
