Shares of Digital World Acquisition Co. (DWAC) have experienced significant momentum recently, thanks to the continued popularity of former President Donald Trump during primary season. DWAC, which plans to acquire the media company that runs Trump's Truth Social platform, saw its stock surge more than 25% in Monday morning trading, putting it on track for a sixth consecutive session of gains. If the current upward trend holds, DWAC could see its stock rise by 96% over this six-session run.
This rally marks the longest winning streak for DWAC since the period ending March 4, 2022. The boost in stock value comes after Ron DeSantis, once considered a strong competitor to Trump in the Republican Party primary race, withdrew from the race and pledged his support to the former president.
DWAC's stock also saw a notable increase on January 16, rising by 29% following Trump's victory in the Iowa caucus. With the New Hampshire primary scheduled for Tuesday, there is potential for further market fluctuations.
Despite recent gains, the stock is still significantly lower than its March 2022 highs. On March 4, 2022, DWAC closed at $97.54 per share, and it is currently trading at a 66% discount to that level.
In October 2021, DWAC had already entered into an agreement to merge with Trump Media, the company behind Truth Social.
Our Latest News
Wealth management firm AlTi Global experienced stock volatility following large investments from Allianz and Constellation Wealth Capital, positioning itself fo...
The U.K. stock market experiences a marginal decline, with some stocks surging. Updates on currency and commodity markets.
Pinterest Inc. experiences stock volatility after reporting strong quarterly results and increased user engagement. Strategic investments in AI and focus on cos...