Donald Trump has been accused of receiving at least $7.8 million in foreign payments to his companies during his presidency, according to a report by Democrats on the House Oversight Committee released Jan. 4 by Joe Raedle via Getty Images
Since Donald Trump won the Iowa caucus last week, global digital acquisition has increased by as much as 239%.
The SPAC hopes to merge with Trump's Truth Social, but an agreement has not yet been reached.
Digital World Acquisition shareholders agreed to a one-year extension to allow the deal to close.
Digital World Acquisition stock has risen as much as 239% since former President Donald Trump won the Iowa caucus last week.
The SPAC's stock price rose from about $17 last week ahead of the Iowa caucuses results to as high as $58.66 on Tuesday as it becomes increasingly likely that Trump will secure the Republican Party's nomination for the will secure the presidency in 2024.
Since going public in 2021, Digital World Acquisition has been pursuing a merger with Trump's social media platform Truth. However, an agreement is not possible and there are no signs that a merger between the two companies will take place any time soon.
In September, Digital World investors agreed to a one-year extension of the SPAC to complete the deal with Truth Social. The company still has nine months, otherwise it will have to return the funds raised from investors in the IPO.
Digital World Acquisition's resurgence has brought the company back to its glory days as a meme stock. The stock traded above $100 shortly after its SPAC debut in late 2021 and early 2022, but then fell to just $12.40 per share in 2023.
Trump's next campaign takes place on Tuesday with the New Hampshire primary. The former president faces former South Carolina Governor Nikki Haley. Recent polls suggest Trump is likely to win the state.
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