DWAC Stock Slumps on the “Major Announcement,” Which Turns Out to Be a Trump Digital Trading Card

DWAC Stock

After the former President said that his “big announcement” is a digital trading card collection, SPAC Digital World Acquisition (NASDAQ:DWAC), which is bringing Donald Trump’s social media company and the Truth Social app public, had a 5.5% decline in share price.

In a post on Truth Social on Thursday, Trump said that anyone can now see his digital collection of trading cards. “Just $99 apiece! would be a wonderful Christmas present. Stop waiting. I anticipate they’ll be gone very shortly. On Truth Social, Trump made a post.

DWAC Stock Movements, Outlook 

Trump wrote on his Truth Social account on Wednesday that he will be making a “big announcement” on Thursday. Wednesday saw a 4% increase in DWAC stock. When Trump officially announced his third run for president on November 16, DWAC stock dropped 16%. Since he hinted at running again on Tuesday, the stock has dropped another 31%.

After the shareholder vote had been postponed six times in recent months, Digital World (DWAC) received some good news late last month when shareholders decided to give the company an extra year to finalize a transaction. By making their decision, the DWAC holders gave the SPAC until September 8, 2023 to close a contract.

Trump’s SPAC shareholders opted to give DWAC an additional year to complete the merger.

Holder clearance was announced via webcast by DWAC CEO Patrick Orlando. The deadline was extended to September 8, 2023, thanks to Digital World (DWAC).

Shareholders voted at noon on Tuesday to give Digital World (DWAC), Trump’s social media company, another year to reach a deal that would allow it to go public. This vote had been put off six times in the past few months.

Holder’s approval comes at the same time as Twitter CEO and billionaire Elon Musk’s decision to let Trump back on the social media site after users voted to do so in a poll Musk ran after the attack on the U.S. Capitol in January 2021 led to Trump’s suspension.

Trump hasn’t tweeted since being reinstated, despite having 4.62 million more Truth Social followers than he does on Twitter.

According to news reports, Trump told a gathering of the Republican Jewish Coalition on Saturday that he thinks Twitter has a lot of problems and that he plans to keep using his own platform.

DWAC Stock Rose As Trump Promised A Huge Announcement On Thursday

Featured Image – Pexels © Andrea Piacquadio

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