Trump-Tied SPAC Jump Ignites Retail Frenzy, Volatility Halts (2)

Former President Donald Trump’s media company is proving a hit with day traders even though it hasn’t launched yet.

Shares of Digital World Acquisition Corp. skyrocketed as much as 1,225% since an announcement that the blank-check company will merge with Trump Media & Technology Group. The stock was up 129% to $104 at 1:14 p.m. in New York Friday after volatility triggered at least 12 trading halts during the session.

Trump’s fans on social media have pumped the stock on Reddit and StockTwits, fueling heavy trading. On Friday, the special-purpose acquisition company was the top purchase on Fidelity’s platform ...