Trading in the stock of SPAC company Digital World Acquisition Corp. was briefly halted Thursday because of volatility after its price skyrocketed on extremely heavy trading volume after news of a merger that would launch former President Donald Trump’s planned social media platform.
DWAC’s stock surged as much as 400 percent, to $51 per share Thursday after trading was halted multiple times due to volatility.
Digital World Acquisition was the single most actively traded stock on the Fidelity platform Thursday, and was by far the most traded stock on the consolidated tape of New York Stock Exchange and Nasdaq listings.
Buy orders for DWAC — a so-called special purpose acquisition company set up to raise capital in the public markets to purchase private firms — outnumbered sell orders by nearly three to one on Fidelity’s platform.
By afternoon trading, more than 360 million shares of DWAC had already changed hands,