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Trump’s Truth Social Debut Kindles Retail Support for SPAC (1)

Feb. 22, 2022, 9:34 PM

The shell company tied to Donald Trump’s media venture received a new wave of support from retail investors, bolstering its status as the best market performer of its kind.

Traders rushed into Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media & Technology Group, on Tuesday following the launch of the former president’s social media network Truth Social.

Shares of DWAC soared as much as 17% before paring gains, as Truth Social became the top free app in Apple’s App Store. It rose 10% Tuesday to the highest level in four months on volume that ...