DWAC share price: Trump SPAC crashes after crazy week of trading


The shares of Digital World Acquisition Corp. fell nearly 11% on Monday. The action remained stable on Tuesday in the pre-market.

Digital World Acquisition Corp. climbed to 1,657% last week after Trump announced on Wednesday an agreement to list Trump Media & Technology Group through what’s called a SPAC, or special-purpose acquisition company.

Digital World Acquisition Corp. is listed on the Nasdaq. It is a blank check company that exists only to merge with private companies to make them public.

Following Trump’s announcement, the company’s shares took off: they ended up 357% on Thursday and climbed even higher on Friday, hitting an intraday high of $ 175 before retreating somewhat. The firm’s shares ended over 845% for the week.

However, not everyone is excited about the deal. Iceberg Research tweeted Monday that it sees “only risks” for investors in the near future “now that the initial excitement has passed.”

“Based on Trump’s track record, at the current price, renegotiation is likely to keep more of the merged company for him,” the cabinet said. tweeted, adding that it bypasses the stock. He added that while he has no opinion on the success of Trump’s venture, “the PSPC holders do not yet own any part of this project.”
“Trump has leverage, they don’t”, the company said.

– Matt Egan contributed to this report.

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