Shares of Trump Truth Social Partners SPAC surged after caucus win in Iowa

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Former US President and Republican presidential candidate Donald Trump speaks during a “caucus commitment rally” in Indianola, Iowa, on January 14, 2024.

Cristian Monterrosa | AFP | Getty Images

shares Capturing the digital world Interest rates rose by about 15% on Tuesday, following former President Donald Trump’s landslide victory in the Iowa caucuses.

The blank check company is scheduled to merge later this year with Trump Media and Technology Group, operator of the social media platform Truth Social.

Capturing the digital world Extended deadline For the fourth time last year to merge with Trump’s social media platform.

Truth Social has struggled to gain traction since launching in 2022. Its parent company, headed by former Rep. Devin Nunes, has lost more than $30 million since its 2021 founding.

It has also faced challenges growing its user base beyond Trump and his loyal supporters, and has less than 5% of the monthly visits of its competitor X, according to Location data tracking company Similar site.

However, Trump remained active on the site, even after X, formerly known as Twitter, reinstated his account last year.

Digital World Acquisition shares have been volatile since its 2021 IPO.

On Monday, Trump easily beat rivals Florida Gov. Ron DeSantis and former UN Ambassador Nikki Haley in the Iowa caucus, the first nominating contest of the 2024 campaign.

With 99% of the votes counted, 51% of those gathered chose Trump, followed by 21% for DeSantis, and 19% for Haley.

In his victory speech to supporters Monday night, Trump congratulated his rivals and called for a rare show of unity.

“Whether it’s Republican, Democrat, liberal or conservative, it would be so nice if we could come together and straighten out the world and fix the problems and fix all the death and destruction that we’re seeing that is practically unprecedented,” he added. This,” Trump said.

This article originally appeared on www.cnbc.com

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