Former President Donald Trump’s entertainment venture is currently outperforming all other special purpose acquisition companies (SPACs), according to a recent market report.
Digital World Acquisition Corp (DWAC), the SPAC used to take Trump Media & Technology Group (TMTG) public, is outperforming all other SPACs, according to a market analysis by SPAC Research reported by Reuters. The company’s shares ended trading at $73.12 on Friday, giving the company a valuation of roughly $13 billion, according to Reuters.
A SPAC is a company that acquires private companies and lists them publicly on a stock exchange without the private company engaging in an initial public offering (IPO). In this case, Trump used DWAC to take his company public in order to raise funding for his social media venture, TRUTH Social, which he has billed as an alternative to major tech platforms like Facebook and Twitter.