Trump's new social media deal sends SPAC's shares soaring

FILE PHOTO: Former U.S. President Donald Trump speaks during a rally at the Iowa States Fairgrounds in Des Moines, Iowa, U.S., October 9, 2021. REUTERS/Rachel Mummey

(Reuters) - Former U.S. President Donald Trump's plan to create a new social media app after Twitter Inc and Facebook Inc barred him from their platforms this year won an endorsement from investors on Thursday who sent shares in a shell company backing the effort soaring.

Trump Media and Technology Group and Digital World Acquisition Corp, a Special Purpose Acquisition Vehicle, said on Wednesday they would merge to create a new social media app called TRUTH Social. Trump's company said it plans a beta launch next month and a full roll-out in the first quarter of 2022.