Jay Ritter

Trump SPAC has tripled since the Iowa caucuses

Cordell Eminent Scholar Jay Ritter comments on the latest meme stock, one closely associated with the 45th president of the United States. The share price of Digital World Acquisition Corp., the special purpose acquisition company (SPAC), has exploded in value as Trump’s political rivals drop out of the 2024 race and line up behind him.

“It’s basically a memestock like GameStop,” Ritter said, noting that the company has “almost no revenue and is hemorrhaging money.”

Read more in these stories from CNN and Bloomberg