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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.
DWAC stock has been largely stuck in neutral for the past year, trading in the $13-$17 range. About a month ago, it began to climb sharply, much like a meme stock, more than doubling its price in ...
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.
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 ...
According to an SEC filing from DWAC, Trump Media lost $49 million in the first nine months of last year and brought in $3.4 million in revenue. ... Click here for the latest stock market news and ...
In late April 2022, holding company DWAC lost 44% of its stock value after Elon Musk disclosed his large stake in and intent to buy out Twitter. Matthew Kennedy, a market strategist at Renaissance Capital , said a Musk-owned Twitter would undercut the rationale behind Truth Social's existence.
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.
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 ...