UPDATE 4-SPAC linked to Trump's social media venture surges for second day [Reuters]
GameStop Corporation (GME)
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Source: Reuters
By Medha Singh 3 Min Read (Reuters) - Shares of the blank-check acquisition company that plans to publicly list former U.S. President Donald Trump’s new social media company soared again on Friday, as small-time investors talked up the stock on message boards. Digital World Acquisition Corp’s shares nearly doubled to $91 in heavy premarket trading, reminiscent of the meme stock frenzy earlier this year when an army of retail investors coordinated on online forums to drive shares of GameStop Corp and other heavily shorted stocks. SPAC Digital World soared nearly five times in value to a market capitalization of $1.5 billion in the previous session on news it would merge with Trump’s media company to create a social media app called TRUTH Social. Retail investors bought $4.45 million worth of Digital World shares on Thursday, while the total turnover from individual investors was nearly 10 times at $45 million, according to data from analytics firm Vanda Research. “There’s a tremendous
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