Mar 25, 2024 - $Digital World Acquisition Corp (DWAC.US)$ shares rose 9.01% to $54.45 in post-market trading on Monday.
The company previously known as Digital World Acquisition Corp. has completed its merger with the social media venture initiated by former President Donald Trump, now emerging as the Trump Media & Technology Group. Starting Tuesday, the newly merged entity's stock will be listed on the stock exchange under the new ticker symbol "DJT," reflecting Donald Trump's initials.
Excitement surrounding the merger sent the corporation's shares surging by 35.2% on Monday, on the eve of the ticker change, the company's stock price shot up by $13.01, concluding the trading day at $49.95 per share. This significant uptick in stock value was accompanied by a remarkable surge in trading volume, reaching over 21 million shares, a stark contrast to the 2.1 million average over the previous 30 sessions.
The merger's conclusion, occurring 29 months after the initial announcement, ensures that TMTG CEO Devin Nunes and the current management team will remain at the helm. Nunes, a former congressman with close ties to Trump, expressed the company's commitment to challenging the dominance of major tech companies over the internet, stating their intent to pursue a vision of liberating the internet from big tech's censorship.
The shareholder vote, which took place on Friday, revealed strong support for the merger. According to DWAC's announcement, a "vast majority" favored the acquisition, with a subsequent SEC filing disclosing that 26,633,233 shares were voted in favor, compared to 66,010 against, and 51,890 abstentions. The shareholder approval solidifies the position of Trump Media & Technology Group Corp., parent of Truth Social, within the company's operational structure.