The SPAC connected to Donald Trump’s new Truth Social network, Digital World Acquisition Corp. (DWAC) has skyrocketed in value thanks to the network being announced for future launch.
The heightened value has gone on for at least two days, with it ramping up towards $170 per share, but dropping significantly after that to around $69.69. This is up from the initial value of around $41, but more than tripling since news broke of the social network being built.
SPAC is being traded on the Nasdaq under the name DWAC. The numbers posted just above were roundabout figures gathered from data on the Robin Hood app, a tool people can use to buy, sell, trade stocks and even some cryptocurrency.
It remains to be seen how DWAC will perform. Will it settle down until the official launch? Did people pump and dump it? Will the value skyrocket once again after the Truth Social app is officially launched? Only time will tell.
DWAC is described on Robin Hood as: “Digital World Acquisition Corp. is a blank check company, which was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities. The company was founded on December 11, 2020 and is headquartered in Miami, FL.”
For those not currently doing so, but having an interest in testing out the market, one can easily trade stocks and cryptocurrency on the Robin Hood app.
Some people use it because it has a very simple interface and you can see live action on it as well. It is not the most in depth or complicated app, which could be what makes it so popular, as it is very user friendly.
People who sign up for Robin Hood also get a free bonus stock. That’s always nice and people can sell it back to the market if they wish.