Digital World Acquisition (NASDAQ:DWAC) stock isn’t doing so hot on Tuesday as investors prepare for an announcement from former President Donald Trump.
Trump is preparing for a public speech tonight and many believe he will announce his third run for the U.S. presidency. That would fall in line with prior rumors that the previous U.S. President was considering another run for office.
This news follows a turbulent week for the Republican party. The GOP didn’t perform as well as expected during midterm elections, failing to increase its influence in a big way. That includes several candidates which Trump had thrown his support behind losing their elections.
What Does This Mean for DWAC Stock?
Investors in DWAC stock are closely watching Trump’s actions. That’s due to the company behind Trump’s Truth Social social media platform, Trump Media & Technology Group, being set for a merger with DWAC. This merger would take the platform public.
However, the road to a merger between the special purpose acquisition company (SPAC) and the social media platform hasn’t been smooth. Several issues, including a lack of shareholder support, have resulted in multiple delays for the deal.
Ahead of the Trump speech, DWAC stock is seeing heavy trading. This has some 2.3 million shares changing hands. That’s just above the daily average trading volume of about 2.2 million shares.
DWAC stock is down 4.1% as of Tuesday morning.
Investors looking for all of the latest stock market news will want to keep reading!
We’ve got all of that news ready to go in one place! A few examples include what’s happening with shares of Corsair Gaming (NASDAQ:CRSR) stock, UiPath (NYSE:PATH) stock and Alibaba (NYSE:BABA) stock today. All of that news is readily available at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.