What happened
Shares of Digital World Acquisition (NASDAQ:DWAC) gained 26% in February, according to data from S&P Global Market Intelligence. The special purpose acquisition company’s (SPAC) stock gained ground leading up to and following the release of the Truth Social app from Trump Media & Technology Group (TMTG), which is led by CEO Devin Nunes and Chairman Donald Trump.
Digital World Acquisition is set to take Trump Media & Technology Group public through a merger, and a relatively strong debut for the latter company’s social media platform helped push the SPAC’s share price higher. Truth Social, which is positioned as a competitor to Twitter and other platforms, launched on Feb. 21 and helped power a continued bullish run for the stock.
So what
Following its release last month, Truth Social quickly shot to the top of the…
