Trump SPAC Digital World Acquisition Corp. stock rises after social media app sets target launch date - CNBC

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2021.

Brendan McDermid | Reuters

Shares of the company connected to a planned social media app backed by former President Donald Trump rose sharply Thursday after news that the app has set a target launch date of Feb. 21.

Blank-check company Digital World Acquisition Corp.'s stock jumped by nearly 20% by the close of the trading day Thursday, on significantly higher-than-average volume. The gains came after the Trump app Truth Social indicated on the Apple app store that it expects to go live next month.

Reuters first reported the target date posting on the app store, where Truth Social is available for pre-order. Feb. 21 is Presidents' Day, a federal holiday.

Trump's company is being marketed as an alternative to social media giants Twitter and Facebook, both of which banned him on the grounds of inciting the Jan. 6, 2021, riot at the U.S. Capitol. Thursday was the anniversary of that attack on Congress, which disrupted proceedings confirming the election of President Joe Biden over Trump.

DWAC and the Trump Media & Technology Group announced in October that they would merge, sending DWAC's stock price skyrocketing from around $10 per share to as high as $175 per share as retail investors began scooping up stock. That price however drifted much lower in recent months. It closed at $60.27 per share Thursday.