Former U.S. President Donald Trump looks on during his first post-presidency campaign rally at the Lorain County Fairgrounds in Wellington, Ohio, U.S., June 26, 2021. REUTERS/Shannon Stapleton/File Photo
Oct 25 (Reuters) – Donald Trump has united some of his supporters and detractors in buying shares in his new company and hoping to score a big win.
Anthony Nguyen, a 49-year-old software consultant from Austin, Texas, is a Republican who refused to vote for the former U.S. president in last year’s election.
Last week he joined the millions of online day traders who drove up the value of the company that will house Trump’s new social media venture to almost $12 billion. The company’s app has yet to be rolled out even on a trial basis, and Nguyen said he invested because he wanted to make a quick profit, not because he believed in the business.
“Is Trump’s social network going to work out? Probably not. But that doesn’t mean you can’t make money in the meantime,” Nguyen said.
Shares of Digital World Acquisition Corp (DWAC.O) have risen 842% since the blank-check acquisition company announced on Wednesday it would merge with Trump Media & Technology Group, which aims to launch a social media network called TRUTH Social.
Trump Media was worth $8.2 billion based on the closing price of Digital World shares on Friday, while the company that would be created with the merger would have a close to $12 billion valuation. This assumes Digital World valued its shares in the deal at $10, as is customary for special purpose acquisition …….
Source: https://www.reuters.com/business/finance/zero-12-bln-investors-chase-trump-stock-hype-2021-10-25/