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Digital World Acquisition (DWAC) stock slid 10% on Friday, after surging as much as 20% a day earlier on a release date for former President Trump's new social media app.
Digital World Acquisition Corp, the blank-check acquisition company that has agreed to take former U.S. President Donald Trump's social media platform public, is nearing a $50 million financing ...
Tuesday's news was just the latest chapter in DWAC's attempt to delay the merger. Shareholders had been asked to gather six times previously — on Sep. 6, Sept. 8 (three times), Oct. 10, and Nov ...
Digital World Acquisition Corp. (DWAC), founded in 2021, was an American special-purpose acquisition company (SPAC), a shell corporation listed on a stock exchange with the purpose of acquiring (or merging with) a private company, thus making the private company public without going through the initial public offering process, which often carries significant procedural and regulatory burdens.
Earlier in Tuesday's session, the stock rose as much as 50%. The company merged with special purpose vehicle Digital World Acquisition Corp. ( DWAC ) in a deal approved by shareholders last week.
DWAC merged in 2024 with Trump Media, the company that launched Truth Social in 2022. A subsequent article by The Philadelphia Inquirer explained that as a market-maker , SIG also shorted the stock, per common market-maker practice, and did not hold an economic position in Trump Media but profited by managing trades in shares and derivatives.
At DWAC’s opening share price Friday, that would be worth around $3 billion or more, although it is not clear what the merged company’s opening share price will be.
DWAC may refer to: DWAC-FM, a radio station in Naga, Philippines; DWAC-TV, a television station in Manila, Philippines; Digital World Acquisition Corp., a special-purpose acquisition company that eventually merged with Trump Media & Technology Group; Devil Without a Cause, a 1998 album by Kid Rock or its title track