SPAC backing Trump has surged more than 1,200%. That's sparking meme-stock comparisons.

Former president Donald Trump's brand-new social media company is hitting it big on Wall Street, with its stock surging more than 1,200% since Wednesday. But the frenzy around the stock — and the company's lack of financial results — is also sparking comparisons to so-called meme stocks like Gamestop. 

Shares of blank-check company Digital World Acquisition Corp. (DWAC), soared $89 — or almost 900% — to $99 in early trading on Friday. At one point in Friday trading, the stock topped $131. At its highest, the gains reflected a surge of more than 1,200%. Trading was halted on Friday morning although it later resumed. 

The frenzy in DWAC's stock price started on Thursday, after the company announced it would merge with Trump Media & Technology Group, and is tied to the growing popularity of SPACs, or special purpose acquisition companies. SPACs, also known as blank-check companies because they go public before finding a private company with which to merge, have gained popularity this year, drawing endorsements by celebrities and investors alike.