Shares of Digital World Acquisition Corp. were soaring in premarket trading, the morning after the news that former President Trump had been indicted by a grand jury in New York.
Digital World Acqusition Corp. is planning to merge with The Trump Media & Technology Group, the parent company of Trump's Truth Social media site.
The deal is waiting for U.S. regulator approval.
Around half a dozen staff at Trump Media & Technology Group were laid off this month, according to Insider.
TRUMP INDICTED AFTER MANHATTAN DA PROBE FOR HUSH MONEY PAYMENTS
Shares of Digital World Acquisition Corp are higher by more than 8% in premarket trading.
The company is a blank check company formed for the purpose of creating mergers and asset acquisitions.
The former president was indicted on Thursday as part of the Manhattan District Attorney's Office's years-long investigation, possibly for hush money payments.
Manhattan District Attorney Alvin Bragg has been investigating Trump for hush money payments made leading up to the 2016 presidential election.
Truth Social was launched in February last year after Trump was banned from Twitter and Facebook, following the U.S. Capitol insurrection.
TRUMP'S SOCIAL MEDIA PLATFORM TRUTH SOCIAL, BUYER NEED EXTENSION TO COMPLETE MERGER
Trump reacted to his indictment, slamming Bragg for his "obsession" with trying to "get Trump," while warning the move to charge a former president of the United States will "backfire."
Earlier this month, Meta reinstated Trump's Facebook and Instagram accounts.
