Shares of Digital World Acquisition Corp (DWAC), the blank check company tied to former President Trump's social media firm, soared as much as 20% on Thursday amid a report of efforts to raise $1 billion. 

Truth Media & Technology Group (TMTG) plans to sell shares to hedge funds and family members, at a valuation several times more than when it merged with the blank check company, according a Reuters article.

TMTG had been valued at $875 million, including debt, at the time of its merger deal announcement with DWAC in October. Trump's company is now reportedly raising funds at a valuation of $3 billion. 

DWAC is the top stock on Yahoo Finance's trending ticker page as of mid-session trading on Thursday. It is also in the top 10 category of Fidelity's orders by retail customers. DWAC is currently the third most mentioned ticker on Stocktwits in the last 24 hours.

FILE – President Donald Trump speaks during a rally protesting the electoral college certification of Joe Biden as President in Washington on Jan. 6, 2021. Whatever decision the U.S. Court of Appeals for the District of Columbia Circuit reaches on whether Congress should receive former President Donald Trump’s call logs, drafts of speeches and other documents related to the Jan. 6 insurrection at the U.S. Capitol, the battle over executive privilege will likely end up with the Supreme Court. (AP Photo/Evan Vucci, File)

DWAC shares skyrocketed 365% back in October after the merger deal with former President Trump's social media venture was announced. 

Retail traders piled into the stock which reached an intraday high of $175 in October, sending DWAC's valuation past $8 billion. A few days later, short-seller Iceberg bet against the stock, writing in a tweet, "Based on Trump's track record, at current price, renegotiation is likely to keep more of the merged company for him."

DWAC shares were trading up 10%, at around $56 by mid-session on Thursday. 

Phunware (PHUN), another Trump related stock, was also highly mentioned among retail traders during the same session. The software company, which collaborated on Trump’s re-election campaign, skyrocketed as much as 21% earlier on Thursday. Phunware's market cap sits at around $265 million. Year to date the stock is up 172%. 

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