The big news that traders need to take away from the election is that several politicians backed by former President Donald Trump did not do well in their respective races. This news follows Trump revealing plans for another presidential run in 2024.
With candidates backed by Trump not performing well, sentiment about his next bid for the presidency has been weakened. In turn, that also has investors in DWAC stock demoralized, considering the close ties between the two.
What Does DWAC Stock Have to Do With Trump?
Digital World Acquisition is a special purpose acquisition company (SPAC). SPACs are blank-check companies that merge with private companies to take them public, allowing their merger targets to bypass the normal process of going public.
In the case of Digital World, the company has long been in talks to merge with Trump Media and Technology Group, the company behind Trump’s Truth Social platform. Truth Social is meant to act as a conservative alternative to Twitter.
DWAC stock is now seeing heavy trading today, with some 2.4 million shares on the move. For the record, the stock’s daily average trading volume is about 2 million shares.
DWAC stock is up slightly as of Thursday afternoon. However, the stock underwent a drop when markets first opened this morning. Shares are also down 56.2% since the start of the year.
Investors looking for more of the latest stock market news for Thursday are in luck!
InvestorPlace has them covered with all of the hottest stock market news from today! A few examples include what has shares of Oracle (NYSE:ORCL), Mullen Automotive (NASDAQ:MULN) and Tesla (NASDAQ:TSLA) stock moving today. You can catch up on all of that news at the links below!
More Thursday Stock Market News
- Oracle Layoffs 2022: What to Know About ORCL Job Cuts, Hiring Freeze
- MULN Stock Alert: Why Is Mullen Up 5% Today?
- Cathie Wood Is Doubling Down on Tesla (TSLA) Stock. Should You?
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.