Trump stock DWAC keeps rallying, up 90% premarket
$DIGITAL WORLD ACQUISITION CORP(DWAC.US$ is still climbing after nearly quintupling as it became the home of Donald Trump's proposed media empire.
DWAC is up 90% premarket, nearing $90 after starting the week below $10 per share.
The SPAC announced a deal yesterday to acquire Trump Media & Technology Group that will include the former president's social media platform TRUTH Social.
While details are very scarce, the company says it plans to take on Big Tech not just in social media, but also streaming.
The stock rise is coming purely on speculation of what Trump Media could be as there's little known about the make-up of the company, let alone numbers.
DWAC disclosed in a filing that it has no full-time employees and doesn't plan to add any until closing a de-SPAC deal.
CEO Patrick Orlando and CFO Luiz Orleans-Braganza aren't required to work full-time for the business prior to then.
And Vice reports that TRUTH Social is using open source platform Mastadon's code base without credit.
But based on the $1.7B enterprise value that DWAC attributes to TMTG, the business will be worth around $15B at the start of trading.
That lends some credence to the argument that DWAC will become a meme stock driven by Trump supporteres.
It's not at the lofty levels of $GameStop(GME.US$ and $AMC Entertainment(AMC.US$ yet, but that's also without material short interest or an option chain.
After six mentions on WallStreetBets on Monday, the SPAC was mentioned 317 times yesterday and has been mentioned 99 times today, according to data from Quiver Quantitative.
That was more than GameStop yesterday, but not Tesla.
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Dylinh : Let's go TrumpTrumpTrump to the top again.
WeeToo : gtfoh
WeeToo cubsfantrey333 : amen
Paul Michigan : LMAO proposed media empire. What a joke.
MarvanLoveMuffin : Trump SPAC up 13x in a day.
The market is sending a clear message they want the Donald back to run the country ASAP.
Yogesh Suva OP MarvanLoveMuffin : Not the markets, just then nut jobs
robotemily MarvanLoveMuffin : Back? That would imply he previously ran anything.
Joseph Dodd MarvanLoveMuffin : Well the market is looking for suckers to ride and dump. This bunch is as sure a bet as they go. Some momentum traders are totally aware of this. Trump wants yer attention and cash, its as simple as that.
Kaid Osmanagic MarvanLoveMuffin : He did not run the country. Just posted weird things things on social media, signed a few papers between Coke and burger breaks.