On Tuesday, March 21, the DWAC stocks soared following news of Trump’s indictment.
The DWAC-Trump link
The value of the Trump brand and Trump’s position as the leading Republican contender going into the 2024 presidential election are directly related to the future of DWAC and its objectives.
As per Investor’s Business Daily, this is mainly because, in a reverse merger, DWAC intends to make Trump Media and Technology Group (TMTG) public. The conservative social media site Truth Social is a subsidiary of Trump Media.
During the riots at the U.S. Capitol on January 6, 2021, Twitter blocked Trump’s account, and Truth Social was subsequently founded. According to some industry experts, a return to Twitter might shift a significant amount of Truth Social’s viewership to the more popular platform.
DWAC stock is down almost 92% from its high of 175 on October 22, 2021.
Trump’s supposed arrest
News stories over the weekend suggested that a Manhattan grand jury may soon charge Trump. Evidence regarding the role played by the former president in paying porn star Stormy Daniels a large sum of money to keep her account of an affair with Trump out of the public eye during the 2016 election cycle has been presented before the grand jury.
Michael Cohen, counsel for Donald Trump, gave Daniels the $130,000 payment. The New York Times claims that Trump compensated Cohen and mislabeled the money as legal expenditures in his company’s internal books.
Trump has denied doing anything illegal. The former president alleges political motivations behind the inquiry conducted by the Manhattan District Attorney’s office.
Tuesday’s trading saw DWAC shares edging up 1.4% to 14.06. On Monday, shares increased 10.96% to 13.87 on higher-than-average activity. DWAC decreased by 0.56% to 12.50 on Friday. DWAC lost 6.2% in March as of Monday’s closing.
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