By Ben Glickman
Shares of Digital World Acquisition, the company facilitating the public debut of Donald Trump's Truth Social platform, experienced a significant surge on Monday following Ron DeSantis' withdrawal from the race for the Republican nomination for U.S. president.
The stock price jumped 18% to $31.10 during morning trading on Monday, reaching an intra-day high of $32.92. This marks its highest level since August 2022, with shares having risen by an impressive 84% in the last month.
This special-purpose acquisition company witnessed a substantial increase in value last week after Trump, the former president and current candidate, emerged victorious in the Iowa caucuses.
Notably, Florida Governor Ron DeSantis, who had been one of two remaining challengers to Trump for the Republican nomination, decided to suspend his campaign on Sunday and endorse the former president.
As New Hampshire gears up for its Republican primary on Tuesday, recent polls demonstrate Trump's dominance over former South Carolina Governor Nikki Haley.
The SPAC has announced its anticipation of finalizing the merger with Trump Media & Technology Group, the entity behind Truth Social, within the first quarter of 2024.