President Trump's SPAC is up ~15x in the span of two trading days (we are at the beginning of the second trading day). The Trump SPAC, trading under ticker DWAC is the vehicle that will take Trump's social media company public.
IMO, this SPAC is a sign of Trump's popularity among Americans.
Seems like there's a pretty good chance his Social Network will have a fate similar to his Airline, Football Team, Beverage Company, Casinos, University, Charity, Steak Company, Vodka Company, Magazine and Presidency. (what am I missing, there's gotta be a few more)
Well the majority of businesses ultimately fail, and all presidencies come to a peaceful end (who knows how Biden's presidency will end, considering how authoritarian he has shown himself to be).
To my knowledge, Trump has not previously obtained outside investment in any of his previous businesses. I also don't think Trump is going to be running the day-to-day operations of his social media company, he is apparently going to be the "Chairman". My guess is he will be in charge of directing broad strategy and policy.
Trump has an advantage he did not previously have in his previous businesses. He now has a very large, loyal following who are likely to use his platform because of the Trump brand.