Shares of Digital World Acquisition Corp. (NASDAQ: DWAC) surged by more than 50% since the victory of former President Donald Trump in Iowa. The stock continued its upward momentum on Monday, posting an additional 88% gain in the regular trading session.
In the Iowa caucus, Trump secured a historic lead of about 30 points, as reported by CNBC. Ron Desantis claimed the second position, followed by Nikki Haley in third and Vivek Ramaswamy in fourth. Post-results, Ramaswamy decided to conclude his campaign and promptly endorsed Trump. On Sunday, January 21, Ron DeSantis also concluded his campaign, endorsing Donald Trump.
Digital World Acquisition (NASDAQ: DWAC), a special purpose acquisition corporation (SPAC), is working on a merger with Trump Media & Technology Group, the entity associated with the former president and the creator of the Truth Social app.
It seems highly likely that former President Trump will secure the Republican nomination. If this happens, it is expected that the usage of the Truth Social platform will increase rapidly. This would position Digital World Acquisition as a key beneficiary as the election approaches.
As of the market’s close on Monday, DWAC stock experienced an 88.36% increase, supported by a trading volume of 29,654,376 (29.65 million) shares. This volume is well above the company’s average daily trading volume of 1.25 million shares.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
