Shares of the company that will be the foundation of Trump’s social network doubled on the stock exchange

Shares of the company that will be the foundation of Trump's social network doubled on the stock exchange

The NASDAQ exchange, where securities of high-tech companies are listed, suspended trading in shares of Digital World Acquisition Group after their value more than doubled within half an hour of opening.

On Wednesday, former U.S. President Donald Trump announced that Digital World Acquisition Group would be the backbone of his future media group. The company’s stock started rising on Thursday, but on Friday it more than doubled in half an hour, hitting $159.01 (before the announcement of the deal involving Trump, it was hovering around $55).

After a 15-minute halt, the exchange resumed trading, but shares of Digital World Acquisition Group began to rise quickly again.

Trump Media & Technology Group (TMTG), which is creating Trump’s TRUTH Social network, will be the result of a merger between Digital World Acquisition Group and Trump Media Structures. Since Digital World Acquisition Group is already traded on the stock exchange, the new merger will also gain exposure to it.

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