Digital World shares surges as it completes merger with Trump’s Truth Social

By Thomson Reuters Mar 25, 2024 | 11:59 AM

By Chibuike Oguh

NEW YORK (Reuters) – Shares of Digital World Acquisition jumped more than 26% on Monday after the blank-check company announced that it has completed its merger with the Trump Media & Technology Group (TMTG), which owns social media platform Truth Social and is backed by former U.S. President Donald Trump.

Digital World shareholders had approved on Friday the merger with TMTG, paving the way for the deal to be completed and cementing a major windfall for Trump as he fights a string of legal cases against him while contesting the 2024 U.S. presidential elections.

Digital World shares rose as high as $46.64, up 26.3%, and recouping all losses from Friday’s session, when it closed down 13.7%. The stock and warrants are set to begin trading on Nasdaq on Tuesday with tickers “DJT” and “DJTWW”.

(Reporting by Chibuike Oguh in New York)