Trump SPAC continues rally, up as much as 1,100 percent since deal

Shares of the Trump-linked special purpose acquisition company, or SPAC, Digital World Acquisition Corp. continued to rally Friday, jumping another nearly 250 percent in morning trading.

The stock has soared as much as 1,137 percent since its Thursday opening price of $12.73 per share.

Trading of the stock was halted at $131.90 per share, up almost 190 percent from its opening price on Friday, less than a minute after the markets opened.

Shortly after 10 a.m. ET, the stock was halted again at $157.50, up more than 240 percent since the opening bell. At 10:06 a.m., it was halted yet again after falling rapidly to $144 per share, still up more than 210 percent since the markets opened.

The stock ended the day Friday up almost 122 percent at $108.84.

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These hedge funds stand to score big on Trump SPAC frenzy

With shares of Trump SPAC Digital World Acquisition Corp. soaring, a slew of hedge funds that previously reported owning shares in the company stand to win big — and at least one has already cashed in.

DWAC is a special purpose acquisition company, or SPAC, otherwise known as a blank-check firm, that went public last month to raise money for an acquisition of a private company, which will then take the SPAC’s place on the public markets.

On Wednesday evening, DWAC announced it plans to merge with former President Donald Trump’s new social media company, Trump Media & Technology Group, sparking a retail trading-driven frenzy that’s sent the stock as much as 1,100 percent higher since then.

And while amateur traders appear to be driving the stock up, a slew of institutional Wall Street firms stand to win

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Why Facebook whistleblower and her ‘crypto friends’ moved to Puerto Rico

When Facebook whistleblower Frances Haugen isn’t flying around the world urging lawmakers to regulate her ex-employer, she’s apparently living off little-taxed cryptocurrency profits in her new home of Puerto Rico.

“For the foreseeable future, I’m fine, because I did buy crypto at the right time,” Haugen said in an interview with the New York Times published Sunday when asked how she’s supported herself since leaving Facebook.

Her move to Puerto Rico in March was motivated by a desire to join her “crypto friends” on the island, as well as a health condition, Haugen added. 

Puerto Rico — a US territory known for its beaches, rainforests and Spanish Colonial architecture — has become a hub for cryptocurrency investors like Haugen in recent years thanks largely to its status as a tax haven. 

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