The SPAC behind Donald Trump’s new media venture could be the next meme stock

Shares of a special-purpose acquisition company (SPAC) created to fund former president Donald Trump’s new media venture surged 400% after debuting on the stock market today (Oct. 21). An SEC filing for the former president’s now-public media company, Trump Media and Technology Group, says that the venture will compete with the “liberal media consortium,” as well as major social media companies. The company said it intends to create its own social media network, Truth Social, to fight back against what it views as efforts to silence Trump.