StoryTrading has teamed up with Reddit board /r/Spacs and /r/dwac_stock to interview the CEO of DWAC, Patrick Orlando.
5pm - 7pm EST
Hosts:canadian2020 on RedditBen Rabizadeh, founder of StoryTrading
The last time I discussed the controversial special purpose acquisition company Digital World Acquisition Corp. (NASDAQ:DWAC), its shares were up 57% on a year-to-date (YTD) basis. Since then, DWAC stock had its dips and dives, but it is still up 6o% YTD.
For me, I find the answer alarmingly simple. As a powerful and charismatic figure, former President Donald Trump has found the perfect emotional catalyst to corral intense and unprecedented electoral support. Rather than persuade the conservative base to merely wrestle with so-called grievance culture, he has given them the blueprint to turn the narrative on its head.
Grievance Culture and its Inverse
According to CivilityMatters.org, a “grievance culture exists when significant numbers of people claim victim status and assign the blame to someone or some group they don’t like. Social media and the twenty four hour news cycle have provided the organizational mechanism and public forum for individuals to join together in a public display of outrage.”
- The stock price of the blank-check company that has partnered with ex-President Donald Trump's social media app firm plunged as news of the delay in the app's launch spread on Twitter.
- Digital World Acquisition Corp., which opened trading at $87.02 per share, and spiked to as high as $97.15 fell to as low as $80.45 per share.
- The delay in the launch of Trump's Truth Social had already been announced last month by former Rep. Devin Nunes, a California Republican tapped to run the social media firm.
Updates to show Nunes announced late last month that the the TRUTH Social app would launch by the end of Q1.
Trump SPAC Digital World Acquisition Corp. (NASDAQ:DWAC) pared earlier gains and is now negative as traders circulated a report from Friday that Trump's social media platform is being delayed until the end of March.
Trump Media and Technology CEO Devin Nunes announced on Thursday that TRUTH Social app will officially launch at the end of March, according to a Washington Examiner report from Friday. TRUTH Social was originally scheduled to start on Feb. 21.
"It's very difficult," Nunes said during a Thursday appearance on Newsmax, according to the Washington Examiner report. "We cannot use any of the Big Tech companies. We've seen what has happened to other small startup companies. And when Amazon decides they don't like them, they cut them off."
Retail traders are cheering Trump's deal to make SPACs great again as Digital World Acquisition Corp. extends triple-digit gains.
- Retail traders have poured into Digital World Acquisition Corp. stock following the Trump deal.
- DWAC, which has soared about 1,000%, had the most buy orders by far, according to Fidelity.
- Comments on the stock surged after the deal: "DWAC: Make SPACs great again," wrote one Redditor.
- Digital World Acquisition Corp., the SPAC that is taking former President Trump’s planned social media platform public, soared Friday following a massive rally in the previous session.
- The SPAC, which trades under the ticker DWAC on the Nasdaq, jumped more than 100%.
- The ticker was among the most popular mentions on Reddit’s WallStreetBets, which indicated that DWAC could be having a meme stock moment like GameStop and AMC.
- Phunware, the advertising software startup involved with Trump’s 2020 reelection campaign, jumped in unison with DWAC.