Why Is Digital World (DWAC) Stock Moving Today? thumbnail

Why Is Digital World (DWAC) Stock Moving Today?

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A hand hovers over a phone screen with the Truth Social social media logo dwac stock

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Digital World Acquisition (NASDAQ:DWAC) stock wasn’t doing so hot today as investors react to the latest election results in the U.S.

The big news that traders need to take away from the election is several politicians backed by former President Donald Trump not doing well in their races. This follows Trump revealing plans for another Presidential run in 2024.

With candidates backed by Trump not performing well, it’s weakened sentiment about his next bid for President. That, in turn, has investors in DWAC stock demoralized as well 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). These are blank-check companies that merge with private companies to take them public. This allows private companies to bypass the normal process of going public.

In the case of Digital World Acquisition, it’s been in talks to merge with Trump Media and Technology Group. This is Trump’s media company behind his Truth Social platform, which is an alternative to Twitter.

DWAC is seeing heavy trading today with some 2.4 million shares on the move. For the record, it’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 opened this morning. It’s also worth noting shares are 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!

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