Digital World Acquisition Corp

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History of DWAC

Important events

Nov 232022

With bated breath…

The SPAC taking Donald Trump’s Truth Social public votes to delay the debut by several months – though with everything happening around the company, will the debut ever happen?

  • Shareholders have approved an extension of the deadline to merge with Trump Media until September 2023 with an over 65% majority, amid “substantial doubt” about its ability to continue as a “going concern” – DWAC has previously not been able to get the necessary votes from its cohort of retail investors, but the stakes were higher this time.
  • The money-losing Truth Social may have faced a shut down had this vote not gone through – they need the SEC to clear the deal because it will mean a $1.25bn infusion for the newly-born social network. Still, Truth Social will need to raise some cash to manage in the interim.
  • Elon’s actions are a consideration too, as they constantly seem to be these days. The new Twitter CEO reinstated Trump’s Twitter account, which made investors think Truth Social may not have a use case anymore. But, Trump has yet to make any sort of “I’m back b**ches” post, or any post at all, so perhaps the former president will stay loyal to his platform.
Moritz Kindler / Unsplash
Nov 082022

The potential of a presidential run

Investors leap at the chance to buy a bit of the platform owned by a potential president as Donald Trump hints at a 2024 run.

  • “In a very, very, very short period of time, you’re going to be very happy,” former president Donald Trump told his supporters at a Pennsylvania rally on Saturday, hinting that his name will be on the ballot in 2024 – the rumor mill suggests Trump will tentatively announce his 2024 campaign the week after US midterms.
  • DWAC, the SPAC (maybe) taking his Truth social public, gained 66% Monday to push the company’s market value over $1bn for the first time since August – it was the biggest one day gain since the merger was announced, and the time in between has been filled with regulatory and Twitter-related setbacks aplenty.
  • Trump Media’s merger with DWAC still faces many legal and financial hurdles that have resulted in at least $138m in investment being pulled. Trump will post content on Truth Social exclusively for 8 hours before posting elsewhere, so whether investors think the run is a good or bad thing for the country, they’re almost certain it’ll drive traffic to the website.
Srikanta H. U / Unsplash
Aug 172022

Trump merger in trouble?

Digital World Acquisition Corp isn't sure whether they’re the right empty vehicle to take Trump’s Truth Social public, and it doesn’t want anyone looking under the hood till it's decided.

  • DWAC is trying to stall its earning release for the second quarter, applying to the Securities and Exchange Commission for an extension of up to five days, which is the max they’d be allowed anyway bc of various regulations – tho it has already divulged a loss of around $6.5m for the six-month period ended June 30.
  • Is DWAC trying to dump Trump altogether? The delay request comes only a few weeks after DWAC said it is looking to delay its merger with Trump Media, asking shareholders to approve a deadline extension for the deal by another year – it was due to take place on September 8.
  • It’s all to do with the regulatory and legal obstacles DWAC’s been dealing with since announcing the merger last October. The pair are facing a federal criminal probe that has seen basically every single one of the SPAC’s board members receive a subpoena after already warning that any investigations would jeopardize the deal – which could be why shares are down 73% since October.
Wim Boon / Flickr
Jul 122022

There can only be one

Two of the most polarizing men in America are beefing, and investors in Trump’s social media platform think it could work in their best interests.

  • DWAC shares rallied 20% to near a one-month high on Monday as investors piled into the SPAC taking Trump's Truth Social public, giving warrants tied to the SPAC a 52% boost and sending a software company that worked on the former presidents campaign jumping 13% – prices have been trending downwards recently as a federal grand jury investigates the merger.
  • Investors worried that a Musk-run Twitter would be too formidable of a rival for Truth Social to take on, but now that he’s trying to get out of the deal it could mean more people flock to the Truth side of life. Trump himself however, is less than pleased with Musk, calling him “another bullshit artist” after he said he’d never voted Republican before, and calling his Twitter deal “rotten”.
  • In typical Elon fashion, he fought back. The technoking, who rivals Trump with his equally radical public presence, said he doesn't hate the man but it’s time for the former president to "hang up his hat and sail into the sunset" and claimed he’s “too old to be chief executive of anything, let alone the United States of America”.

I don’t hate the man, but it’s time for Trump to hang up his hat & sail into the sunset.

Dems should also call off the attack – don’t make it so that Trump’s only way to survive is to regain the Presidency.

Jun 152022

DWAC fields an attack

The SPAC in charge of Trump’s Truth Social debut is still getting jostled by the SEC, and the stock is feeling fed up.

  • DWAC dumped over 28% on Wednesday, falling to its lowest prices since first announcing the partnership in October 2021, and is now down just under 47% since the start of the year.
  • The SEC is expanding its inquiry into the proposed merger, having subpoenaed the company for more information on the upcoming deal. The regulator first started sniffing around last year, and investors are thinking the deal will likely be delayed until they either find what they’re looking for or else decide there’s nothing sus going on.
  • The stock has been gaining some traction thanks to Trump, who posted on Truth Social a few days ago as the January 6 hearings began. But can he convince people to see past a rocky app launch, the departure of a bunch of key execs, and the probe?
Gage Skidmore / Wikimedia Commons
Apr 052022

A Trump dump

There’s trouble in Trumpland – the SPAC taking his Truth Social app public falls out of favor with investors after two execs jump ship.

  • Digital World Acquisition Corp plunged 10% on Monday in a rough start to April for the SPAC, building on March’s losses of around 30% – shares are down nearly 70% from their October ATH.
  • The platform’s CTO and CPO left the business after less than a year, losing faith in Truth Social following a glitch-riddled rollout and a lackluster reception. Elon Musk’s new stake in Twitter didn’t help – he’s already showing signs of mixing things up, which would make the platform a potentially more formidable rival to Truth.
  • Will Truth make social media great again? DWAC has had a rough ride recently, seeing downloads for the Truth Social app decline 95% since it first landed on the app store in Feb. Add that to a bunch of new SPAC rules from the speculative SEC last week, which could derail the whole debut, and things aren’t looking great. Stay tuned.
Possessed Photography / Unsplash
Feb 222022

The Truth is out there

There’s a hot new conservative hangout spot in town, and it’s officially opened up its doors.

Key points:
  • Digital World Acquisition Corp is up 28% in pre-market trading on Tuesday, gaining traction after Donald Trump’s new Truth Social became available on the App Store on Monday.
  • DWAC is outperforming the SPAC market in a big way thanks to all the Trump fans out there and the limited range of conservative investments. “Most institutional investors, regardless of how they vote, know now to not underestimate the purchasing power of half the country,” said AlphaTrAI’s Max Gokhman.
  • Prices are up nearly 750% since the SPAC first announced its merger with Trump’s media network, and share returns are about eight times higher than the average of other U.S. listed blank-check companies.
Gage Skidmore / Flickr
Jan 192022

And people thought the Trump rally era was over

Digital World Acquisition is giving the words “Trump rally” a new meaning.

  • The SPAC cinched gains of 21% on Tuesday in its biggest jump of the year, despite a lack of solid news from either company.
  • Momentum is building in a big way for Trump’s Truth Social app, which is due to launch on the app store in February. Prices are up 71% since the launch date was announced on January 6, taking Phunware (PHUN) – who is said to be designing the platform – up 25% as well.
  • The rally could be partly thanks to an actual rally that Trump held in Florida over the weekend.

$DWAC We told you the Trump pump ⛽️ was a real 1.

Jan 072022

Trump sends out his save the dates

The Truth will set you free, apparently, and Trump’s Truth app launch has certainly set free the blank-check company it’s merging with.

  • DWAC stock lifted nearly 20% on Thursday to take it to a $2.24bn market cap. It’s now up 505% since first linking up with Trump in October.
  • Trump’s Truth Social app is due to launch on Feb 21 after the Trump Media & Technology Group (TMTG) raised nearly $1bn in investments last month.
  • TMTG already has an implied valuation of over $10bn, despite not yet having an actual product or any revenue – which could be why Federal regulators are already investigating the SPAC.
Petar Petkovski / Unsplash
Dec 072021

Not so fast, Mr Trump

The SPAC that wants to bring Trump’s new right-leaning media venture to the market gets stopped in its tracks by federal regulators.

  • The SEC is investigating Trump's deal with Digital World Acquisition Corp as part of wider scrutiny for blank-check companies in the name of investor protection.
  • FINRA is also investigating the merger, asking for communications between the pair from before the deal was announced.
  • Trump is trundling on, appointing a brand new CEO for his TRUTH social platform – soon to be former GOP Rep. Devin Nunes.
Dec 022021

Trump taps into $1bn

A Trump media-linked SPAC, Digital World Acquisition Corp., sees prices soaring 33% as the former President goes for gold.

  • Trump is raising $1bn from selling shares to hedge funds and family offices for his new social media venture.
  • Prices popped over 2,000% when the SPAC was announced in October. The share offerings will reflect the stock's post-rally price, despite a dramatic drop since then.
  • The social media company has already missed its first deadline (self-imposed though it was). A beta version of its “Truth Social” was due in November, but there’s been so sign yet.
Peter Olexa / Unsplash
Oct 252021

Trump SPAC goes soaring

A retail trading frenzy sends prices of a Trump media-linked SPAC, Digital World Acquisition Corp., soaring a colossal 1,650% in just two days.

Digital World Acquisition Corp. is the new hot SPAC on the market that is planning to take former President Donald Trump’s new social media venture, which Trump is launching after he was banned from just about every social media platform out there following the January 6 insurrection. The new social media company, which hasn’t been launched yet, will be called TRUTH Social and says its mission is to:

Create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America.

Trump obsessed retail traders set prices of the SPAC on fire last week when the merger was announced, filling Reddit and Stocktwits with calls to pump the stock – at its Sunday peak of $175, prices had rocketed a whopping 1,650% in just two days, and closed the week up over 845%. Matt Kennedy, senior IPO market strategist at Renaissance Capital, said:

This is extremely unusual, especially now. We saw significant pops during the height of the SPAC bubble. Nowadays it's rare to see a SPAC pop more than 10%. This is clearly meme stock territory. It's totally disconnected from fundamentals. There are no known fundamentals. Be prepared to lose potentially everything else. This is a stock trading purely on momentum.

Digital World Acquisition Corp. ended Friday at $94.20 after closing Wednesday at $9.96.