DWAC Stock (NASDAQ:DWAC)
After the former president was officially arrested on charges connected to alleged hush-money payments made during the 2016 presidential campaign, the stock price of Trump SPAC Digital World Acquisition (NASDAQ:DWAC), the business that is bringing Donald Trump’s social media firm and Truth Social app public, dropped by 7.2%.
According to a filing, Digital World also declared on Monday that it needed to postpone the filing of its 10-K for the fiscal year that ended on December 31. DWAC anticipates being able to submit its annual report within the grace period of 15 days. The social media business anticipates that it will disclose a deficit for 2022 that is “substantially” higher than the loss that it reported for 2021, which was at least $10 million.
DWAC stock has recently been volatile after reports that Trump will be charged. DWAC increased by 7.6% on Friday after a grand jury in Manhattan decided to indict the former president on criminal charges on Thursday. On Monday, the stock had a rise of 8.5%.
Since March 2022, DWAC stock has dropped 85%. Investors have raised concerns about the length of time it will take to finalize the agreement to take Trump Media & Technology public.
Late in the month before last, Digital World announced that previous Chief Executive Patrick Orlando had been let go from his position. Eric Swider, who has been on the board of directors of DWAC ever since the company went public, has been given the role of temporary CEO. After serving for the previous year and a half, Orlando’s tenure as CEO and chairman of the board ended, and he was fired from both roles.
After the assault on the United States Capitol in January of 2021, Donald Trump was banned from rival social media platforms such as Twitter and Facebook. Since then, investors have been concerned that Trump would likely resume his activity on these platforms. The limits placed on Donald Trump’s YouTube account were removed a month ago, and he can now again upload videos to the platform.
Featured Image: Megapixl
Author Shariq Khan 
