Retail investors are piling into the special purpose acquisition company that agreed to take former President Donald Trump s media firm public as thousands of users pump shares across social media platforms.
The SPAC that s set to merge with Trump Media Technology Group is Thursday s top purchase on Fidelity s platform with more than 18,000 buy orders from customers. That was more than double the purchases for Tesla Inc. the second-most bought stock, and more than quadruple the demand for the ProShares Bitcoin Strategy ETF ticker BITO We apologize, but this video has failed to load.
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The retail trader excitement was clear with the stock being the most popular company on the popular day-trader chatroom Stocktwits and as touts on Reddit s WallStreetBets rivalled the likes of GameStop Corp. and AMC Entertainment Holdings Inc. over the past 12 hours. The SPAC more than doubled to reach an intraday high of US $20.98 just before noon in New York before a volatility halt was triggered. More than 230 million shares changed hands, making it the most traded stock with a value above a penny. The aim of the deal is to fight back against the Big Tech companies of Silicon Valley, according to a statement.