Digital World Acquisition Corp (NASDAQ: DWAC) stock price had rallied 105% during premarket trading, extending yesterday’s 356.83% rally after the company was linked to former President Donald Trump.
The two-day rally is evidence of the former president’s current influence despite being out of office after losing to Joe Biden, the current US President.
It is now quite clear that Donald Trump cannot be ignored as he still has a massive support base, as evidenced by the rally in DWAC’s stock price.
Yesterday’s rally had lifted DWAC’s valuation to $1.47 billion, with today’s rally likely to double its market capitalisation making its shareholders much richer.
Digital World Acquisition Corp is yet to launch its social media platform, with an initial launch planned for November.
The company was the most mentioned stock ticker on Reddit and traded over 470 million shares yesterday, with over 19.2 million shares having changed hand during premarket trading before publishing.
It appears that retail traders on social media platforms such as Reddit were the main driver behind DWAC’s two-day rally in a massive pump as the traders celebrated Trump’s pending return to social media.
The former President has struggled to get his message across since losing his reelection bid to Joe Biden. In addition, Trump was banned from Twitter and Facebook in January after the Capital riot by his supporters.
The Biden administration will be watching Trump’s next move critically since he will now have a platform to communicate with his followers, which he controls.
DWAC stock is set to open higher today, and it will be interesting to see if its shares will hold on to their premarket gains.
*This is not investment advice.
Digital World Acquisition stock price.
Digital World Acquisition stock price had risen 105% premarket, extending yesterday’s 356.83% rally.
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