SPAC Digital World Acquisition (NASDAQ:DWAC)
SPAC Digital World Acquisition (NASDAQ:DWAC), the firm bringing Donald Trump’s social media business and the Truth Social app public, had its share price increase by 8% after the former president said that he intends to make a significant announcement on Thursday. As a result, DWAC stock surged.
Trump wrote on his Truth Social account earlier on Wednesday that he on Thursday would make a “major announcement” and promised it would be something big.
Elon Musk, the CEO of Twitter, conducted a poll. After being banned from Twitter, users decided whether to reinstate the former president. the social media platform in January 2021 following the attack on the United States Capitol. Last month, Musk gave in to the poll results and allowed Trump to be reinstated on the social media platform. Since Musk gave him access to the social media network again, President Trump has yet to post a tweet.
DWAC stock jumped by 66% on November 7 after President Trump suggested at rallies the previous weekend that he would declare his re-election campaign soon. The rallies took place during the previous weekend. When Donald Trump formally declared his intention to run for president for a third time on November 16, DWAC stock dropped by 16%. The company has continued to decline, down by 29% through Tuesday since he first hinted at running for re-election. Now hitting a peak in early March, DWAC stock prices have since fallen by 79%.
At the end of the previous month, Digital World (DWAC) had some encouraging news when shareholders agreed to extend the company’s time to complete a transaction by one year. This came after the holder vote had been postponed six times in recent months. Voting to extend the timeframe for the SPAC to complete a contract until September 8, 2023, DWAC holders ultimately approved this motion.
Featured Image – Pexels © Andrea Piacquadio
Author Shariq Khan 
