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Why Digital World Acquisition Was Trumpeting a 24% Gain in December

Rich Duprey, The Motley Fool
·2-min read
Why Digital World Acquisition Was Trumpeting a 24% Gain in December

President Trump is planning to return to social media in a big way, but not through the platforms offered by Big Tech. Because they summarily banned him from their sites following the 2020 elections, he is making an end run around them by launching his own platform and will be merging the Trump Media & Technology Group with special purpose acquisition company (SPAC) Digital World Acquisition (NASDAQ: DWAC) to create a publicly traded business. What caught many by surprise was Trump Media's announcement to kick off December that it intended to raise $1 billion by selling shares to hedge funds and other private investors in a PIPE, or private investment in public equity, deal.

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