Shares of Digital World Acquisition Corporation, the cash-rich shell company that plans to merge with former President Donald J. Trump’s social media company, soared as much as 70 percent on Monday, a day after Gov.
Ron DeSantis of Florida dropped out of the race for the Republican presidential nomination and brought Mr. Trump even closer to securing it.
The jump reflected investors’ enthusiasm around Trump Media & Technology Group, the beleaguered company that has been trying since 2021 to merge with Digital World, a special purpose acquisition company.
Digital World raised roughly $300 million in its September 2021 initial public offering — money that the Trump company needs to run its business.
Digital World’s shares had already more than doubled since Mr. Trump won the Iowa caucuses on Jan. 15.
Persons:
Donald J, Ron DeSantis, Trump, ”, Kristi Marvin
Organizations:
Acquisition Corporation, Gov, Republican, Trump Media & Technology Group
Locations:
Florida, Iowa