Stock of SPAC that is buying Trump’s company that launched Truth Social jumps toward 4-month high

Shares of special purpose acquisition company (SPAC) Digital World Acquisition Corp.
DWAC,
-1.37%
shot up 17.4% toward a four-month high in premarket trading Tuesday, after former President Donald Trump’s social media app Truth Social launched over the long weekend with glitches, but at the top of Apple Inc.’s
AAPL,
-0.94%
list of free apps downloaded. The SPAC had announced in October 2021 a plan to merge with Trump Media & Technology Group, which launched Truth Social. The SPAC’s stock is on track to open at the highest price seen during regular-session hours since Oct. 25, and above the SPAC’s highest stock closing price of $94.20 on Oct. 22. The stock has rallied 88.0% over the past three months while the S&P 500
SPX,
-0.72%
has lost 7.1%.