Digital World Acquisition shares have spiked more than 47% since Donald trump won the GOP caucuses in Iowa earlier this week, even though the former president's media company Truth Social reported just $1 million in revenue and a $26 million net loss for Q3 2023, Axios reported.

Truth Social has become Trump's main means of communicating with the masses, but it hasn't yet leveraged his political popularity into a a financially sustainable business.

Meanwhile, Digital World shares were trading Friday morning at $26.41, up 3.24% on the day. Shares had closed at $17.42 on Jan. 12, the last day of trading before Trump won the Iowa caucuses on Jan. 15. Read more.

Source: Digital World Shares Soar Even Though Merger Partner Trump Media Posts Negligible Revenue and Steep Losses