Why Digital World Acquisition Stock Jumped 46.7% on Monday
Shares of Digital World Acquisition (NASDAQ: DWAC) are up 46.7% in midday trading on Monday and continue to hit new highs. The special purpose acquisition company (SPAC) delayed a vote on merging with former President Donald Trump's Truth Social just last week, but that hasn't deterred traders today.
Today's move is driven entirely by expectations that Trump would seek another term in 2024, which could be announced soon after tomorrow's election. This doesn't fundamentally change the value of Truth Social, change its technical problems, or grow its user base, but that apparently doesn't matter to speculators today.
What's more notable is the fact that shareholders can't seem to agree on even merging with Truth Social. Digital World Acquisition CEO Patrick Orlando delayed a vote on the deal until Nov. 22, because there wasn't support for merging with the company.
Source Fool.com
