By Will Feuer

 

Shares of Digital World Acquisition Corp., the special-purpose acquisition company trying to merge with former President Donald Trump's social-media company, rose after Mr. Trump was indicted Thursday for his role in paying hush money to a porn star.

DWAC shares rose almost 9% to $14.20 in premarket trading. Through Thursday's close, the stock was down almost 13% so far this year and down about 80% over the past 12 months.

The SPAC is in the midst of trying to close its merger with Trump Media & Technology Group, the owner of Truth Social. The merger was announced in October 2021.

The stock, popular among retail investors, has made volatile moves around various developments, including Mr. Trump's plans to run for president in 2024. Speculation about how Elon Musk's takeover of Twitter could impact Mr. Trump's platform Truth Social has also swung Digital World's stock in recent months.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

March 31, 2023 06:59 ET (10:59 GMT)

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