Why Is Digital World (DWAC) Stock Moving Today?


  • Digital World Acquisition (DWAC) stock is on the move alongside U.S. election results.
  • Many of Trump’s endorsed candidates didn’t perform as well as expected.
  • That news hit morale among DWAC stock traders when markets opened this morning.
A hand hovers over a phone screen with the Truth Social social media logo dwac stock

Source: rafapress / Shutterstock

Digital World Acquisition (NASDAQ:DWAC) stock wasn’t doing so hot earlier today, with investors reacting to the latest election results in the United States.

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

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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/11/why-is-digital-world-dwac-stock-down-today-nov-10/.

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