DWAC Stock: Why It Increased Today

By Amit Chowdhry ● Oct 21, 2021
  • The stock price of Digital World Acquisition Corp (NASDAQ: DWAC) increased by over 10% pre-market today. This is why it happened.

The stock price of Digital World Acquisition Corp (NASDAQ: DWAC) increased by over 10% pre-market today. Investors are responding positively to a report that Trump Media & Technology Group is reportedly planning to go public through a SPAC merger with Digital World Acquisition Corp (NASDAQ: DWAC).

The entity is seeking to create a rival to the “liberal media consortium” and fight back against the “Big Tech companies of Silicon Valley,” according to a press release that has been spreading on Twitter.

If these reports are true, then the Trump Media & Technology Group would be funded with the $293 million raised through Digital World’s IPO last month. Currently there is an app available for pre-order on Apple’s app store. And it is expected to arrive on February 21, 2022 with a beta launch in November. Former President Donald Trump is listed as the chairman of the Trump Media & Technology Group.

The former president was banned from social media platforms due to false allegations of voter fraud and the incitement of a mob to attack the U.S. Capitol on January 6 to undermine the constitutional certification of President Joe Biden’s election. Lawsuits filed by Trump’s campaigns to have his accounts reinstated were dismissed in state and federal courts.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

Photo Credit: White House