Digital World’s surge accelerated as the session went on as more than 32 million shares changed, nearly 33-times the activity seen on average over the past month. Call option volume outpaced those for puts on the stock at a more than 2:1 ratio, with calls with a strike price of US$30 that expire on Nov. 11 and Nov. 18 the most actively traded.
Investors snapped up shares of Digital World Acquisition Corp., the blank-check firm set to merge with Donald Trump’s social media company, after the former president hinted at plans to make another bid for the White House.
The special-purpose acquisition company rallied 66% in the biggest one-day advance since the initial pop when the merger was announced as millions of shares changed hands. Warrants tied to the SPAC surged 125% to US$9.30, while Phunware Inc., a software company that worked on Trump’s re-election campaign, jumped 38% and video platform Rumble Inc. rose 3.8%. Rumble says it’s “designed to be immune to cancel culture” and has a pact with Trump Media & Technology Group.
