TRUMP SPAC
DWAC stock slides 10% amid volatile two days
Digital World Acquisition (DWAC) stock slid 10%, after surging as much as 20% a day earlier following a release date for former President Trump's new social media app.
Apple's app store states the app called "Truth Social," which can be pre-ordered, will be available on February 21.
Shares of DWAC initially shot up on the news Thursday afternoon. Friday morning though the stock opened lower.
Shares of Digital World Acquisition have been volatile since announcing a tie-up to take Trump Media and Technology Group (TMTG) public.
DWAC shares had jumped more than 800% over the span of two sessions last October after the merger plans were announced.
The social media company will create a platform to “standup” against “Big Tech,” according to Trump, chairman of TMTG.
Digital World Acquisition had seen its market cap balloon to more than $8 billion at one point last year.
Days later, short-seller Iceberg announced it was betting against the company, bringing the stock price down 10% in one day.
The speculative stock had reached an all time intraday high of $121.80 on October 25. On Friday, shares closed at $53.98 each.
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