Digital World SPAC Shares Jump 18% After DeSantis Drops Out

By Ben Glickman

Shares of Digital World Acquisition, the company looking to take Donald Trump's Truth Social platform public, surged Monday after Ron DeSantis dropped out of the race for the Republican nomination for U.S. president.

The stock was up 18% to $31.10 in morning trading Monday, reaching an intra-day high of $32.92, its highest level since August 2022. Shares are up 84% in the last month.

The special-purpose acquisition company gained sharply last week after Trump, the former president and current candidate, won the Iowa caucuses by a substantial margin.

Florida Governor Ron DeSantis, formerly one of two candidates still vying with Trump for the Republican nomination, on Sunday ended his bid and endorsed the former president.

Voters in New Hampshire are set to cast ballots for Republican primary candidates on Tuesday, with polls showing Trump with a lead over former South Carolina Governor Nikki Haley.

The SPAC has said it's expecting to complete the merger with Trump Media & Technology Group, which runs Truth Social, as soon as the first quarter of 2024.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 22, 2024 10:29 ET (15:29 GMT)

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