Why Is Digital World (DWAC) Stock Up 7% Today?

  • Digital World Acquisition (DWAC) stock is seeing gains today on news concerning former President Donald Trump.
  • Trump has been indicted by a grand jury in New York City.
  • This has investors betting on conservatives flocking to his social media platform, Truth Social.
DWAC Stock - Why Is Digital World (DWAC) Stock Up 7% Today?

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Digital World Acquisition (NASDAQ:DWAC) stock is on the rise Friday after former President Donald Trump was indicted by a grand jury in New York City.

This indictment is connected to a case involving a $130,000 payment made to Stormy Daniels. That happened in 2016 during the presidential elections. However, the case is currently sealed, meaning the potential charges against the former President are unknown.

Trump said the following about the news in a statement collected by NBC News yesterday:

“This is Political Persecution and Election Interference at the highest level in history […] The Democrats have lied, cheated and stolen in their obsession with trying to ‘Get Trump,’ but now they’ve done the unthinkable — indicting a completely innocent person in an act of blatant Election Interference.”

How Does This Affect DWAC Stock?

Considering Trump’s connection to the special purpose acquisition company (SPAC), it makes sense that shares would rise alongside the indictment. DWAC is the company expected to take Trump’s Truth Social public through a merger.

The logic here is that any potential legal charges against Trump could result in more users for the platform. This has DWAC stock, as well as other conservative-aligned shares, getting a boost on Friday.

DWAC stock is up 7.2% as of Friday morning. That comes as some 1 million shares change hands, as compared to its daily average of 457,000 shares.

Investors looking for more of the most recent stock market news are in the right place!

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-digital-world-dwac-stock-up-7-today/.

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