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Former US president Donald Trump's deal to create a social media app after Twitter and Facebook barred him won an exuberant endorsement from investors, with shares in a shell company backing the plan closing up more than 350% on Thursday after rising more than 400% earlier in the day.

Trump Media and Technology Group and Digital World Acquisition Corporation, a special purpose acquisition vehicle (SPAC), announced on Wednesday they would merge to create a social media app called TRUTH Social. Trump’s company said it plans a beta launch — unveiling a trial version — next month and a full rollout in the first quarter of 2022...

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