Rather than it simply being a place where people can de facto invest in Truth Social, people have been purchasing DWA shares as a way of investing in the former president himself.

“It’s a meme stock,” says Michael Klausner, Professor of Law at Stanford University. Meme stocks are companies that have lots of small investors who are online or social media followers, who can drive the share price up and down.

Klausner says many who have invested in DWAC are Mr Trump’s own supporters.

“They think that Trump’s name attached to something is going to be valuable,” he says.