A new investment vehicle linked to Donald Trump's fledgling media venture soared high in a frenzy that reflects the former president's staying power, as well as a stock market increasingly prone to casino-like tendencies.

Shares of Digital World Acquisition Corp, which is set to merge with Trump's Media & Technology Group (TMTG) start up, surged again on the second day prompting a temporary trading halt for a second straight day.

While Trump remains a beloved figure to a sizeable minority of the US population, pundits said he could face challenges in building the sort of "media powerhouse" described by in a TMTG presentation, which includes plans for social media and streaming services.

Digital World, which trades under the ticker "DWAC" on Nasdaq, is a special purpose acquisition company (SPAC), sometimes called a "blank check" company because it is set up with the sole purpose of merging with another entity.

Use of SPACs has soared in the last couple of years amid low interest rates, as investors look for higher returns, and provides a short cut to sell shares publicly. Office-sharing company WeWork employed the strategy to go public.

A joint press release from the TMTG and Digital World said the companies plan to launch "TRUTH Social" a social media platform nationally early next year.

The new outlet will serve "a rival to the liberal media consortium and fight against the 'Big Tech' companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America."

"TRUTH Social" will be owned by Trump Media & Technology Group (TMTG), and is expected to begin its beta launch for "invited guests" next month. It is already available for pre-order in Apple's App Store, the group said in a statement.

TMTG also intends to launch a subscription video on-demand service that will feature "non-woke" entertainment programming and will be led by Scott St. John, an executive producer from "Deal Or No Deal" and "America's Got Talent," the statement said.