Digital World Acquisition stock has soared as much as 239% since former President Donald Trump won the Iowa caucus last week.

The SPAC saw its stock price climb from about $17 last week before the Iowa caucus results to as high as $58.66 on Tuesday, as it looks increasingly likely that trump will secure the Republican Party's 2024 nomination for president. 

Since going public in 2021, Digital World Acquisition has been seeking a merger with Trump's Truth Social media platform. But a deal has proven elusive, and there is no indication that a merger between the two companies will occur anytime soon, Markets Insider reported.

In September, Digital World investors approved a one-year extension for the SPAC to complete the deal with Truth Social. Read more.

Source: Trump-Tied Digital World Shares Still Flying High