Love him or hate him, it’s tough to ignore the impact of Donald Trump on stocks.
Look at Digital World Acquisition (DWAC), for example.
After trading at less than $10 a share in October 2021, it’s now up to $83.25. All in anticipation of the launch of Trump’s Truth Social app on February 21, 2022, which will reportedly “stand up to the tyranny of Big Tech.”
Trump added, “We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” as quoted by the Associated Press.
Plus, if you take a look at the TMTG slideshow, found here, some of the top competitors could include Twitter, Facebook, even Amazon Web Services, Azure, Stripe, and Google Cloud. Other potential competitors include Netflix, Disney, and iHeartMedia, with Trump’s plans to also launch TMTG+, an on-demand streaming service.
With a market cap of $3.09 billion, the stock was up another 14% on Tuesday. Volume spiked to 9.7 million shares, as compared to daily average volume of 6.03 million shares.
As we get closer to the February 21 launch date, DWAC could see higher highs.
