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Since the announcement of the deal, the value of Trump SPAC has increased by as much as 1,657 percent

With the prospect of former President Donald Trump returning to Wall Street, there has been a frenzy of activity on the market.

Friday, shares of the shell company with which Trump's new media company intends to merge increased by up to 284%, prompting a series of trading halts due to the high level of volatility in the stock market. At the time of this writing, the stock of the company, Digital World Acquisition Corp., was up 150 percent.

The stock of the Nasdaq-listed company reached a high of $175 on Friday, representing a 1,657 percent increase over its Wednesday closing price.

In a statement released Wednesday night, Trump announced the formation of a SPAC, or Special Purpose Acquisition Company, to list Trump Media & Technology Group on the New York Stock Exchange.

In a deal announced Wednesday, Trump's new entity will merge with Digital World Acquisition Corp., which closed the day at $9.96 per share. During the course of one day on Thursday, the stock's value more than quadrupled, reaching a high of $131.90 in the early hours of Friday morning.

It appears that the Trump SPAC is attracting traders at WallStreetBet, according to a website called Swaggy Stocks, which tracks mentions on the Trump SPAC's Reddit page. WallStreetBets is the Reddit community that has been at the center of the GameStop saga this year.

Despite the fact that Trump Media & Technology Group's most recent filings do not disclose how much revenue — if any — it generates, the windfall occurs nonetheless. In light of the fact that the company's social media platform has not yet been launched, it is expected to be minimal.

President Donald Trump's businesses have a long history of filing for bankruptcy. Trump has filed four business bankruptcies, all of which were focused on the Atlantic City casinos he used to own, according to the New York Times.

President Donald Trump's most recent initial public offering (IPO) took place in 1995, when he brought Trump Hotels & Casino Resorts to the market. A decade after it went public, the casino company declared bankruptcy after losing money in each of the twelve months during which it was publicly traded.

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