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Why Shares of Digital World Acquisition Corp Rose Today | The Motley Fool

What happened

Shares of the blank check company Digital World Acquisition Corp (NASDAQ:DWAC) rose 14% today for no apparent reason. However, the stock continued its nice run from last week after reports revealed that the Donald Trump-backed social media platform, TRUTH Social, which the company is merging with, plans to launch in February.

So what

As a special purpose acquisition company (SPAC), Digital World Acquisition Corp went public with the intent of acquiring a private business to bring it public. In late October, the SPAC announced that it intended to merge with and take public Trump Media & Technology Group, the parent of TRUTH Social.

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