Trump stock DWAC soars to $175 per share today and this is why

The former President Donald Trump has decided to start his own social media platform after he was banned from all three biggest social media platforms, Facebook, Snap, and Twitter. He also mentioned that he will team up with Digital World Acquisition Corp (DWAC) to take his social media company live. 

DWAC stock moved from $9 to $175 dollars 52 weeks high in just a few days. The move began after the folks from Wallstreetbet decided to buy up the stock. As a result, the stock was halted many times to control the price fluctuation. 

DWAC is a Spac company based in California, the company is actively linked to the Trump campaign team and will be working with Trump if he decided to launch his own social media as stated. However, this relationship does not justify the sudden stock price jump.  

Mr. Trump’s media company, which Digital World said it valued at $875 million including debt, was only unveiled Wednesday when the merger was announced. Its website directs users to sign up for a wait list. - Wallstreet Journal.