- Former President Donald Trump's media company is proving a hit with day traders.
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Shares of Trump Media Technology Group have skyrocketed 1,225% since an announcement that the blank-check company will merge with Digital World Acquisition Corp. The stock nearly tripled to $131.90 when the U.S. stock market opened Friday morning before triggering a halt for volatility after it quadrupled on Thursday.
Trump s fans on social media have pumped the stock on Reddit and StockTwits, fueling heavy trading. On Thursday, the top-level acquisition company was the special-purpose purchase on Fidelity s platform with about 55,000 buy orders from customers. That demand carried on Friday with more than 20,000 buy orders registered on Fidelity s platform, double the buying seen in the second-most active stock Phunware Inc. a newly crowned MEME stock.
The new enterprise of the former president will be in operation by the first quarter of 2022, according to a news release. The moves, if all goes according to plan, would occur well ahead of the midterm elections in 2022.
The stock was the most active company with a market value above $500 million. About 35 million shares had changed hands in New York by 9: 30 a.m., according to Bloomberg data.
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