- DWAC stock rises on Trump indictment news.
- Market thinks trial will make TRUTH Social app more popular.
- Stock opened up north of $14 on Friday.
- Trump is expected to turn himself in on Tuesday.
Digital World Acquisition Corp (DWAC) jumped 7.2% at the open on Friday to $14 following Thursday evening's indictment of former President Donald Trump. Trump is the primary owner of TRUTH Social, the media platform that he founded after getting booted from Facebook and Twitter following the January 6, 2020, insurrection. Digital World is the SPAC (special purpose acquisition vehicle) that has been failing to combine with TRUTH Social for more than a year.
Digital World Acquisition Corp News: TRUTH Social may get influx of new users
Though Elon Musk gave Trump his Twitter account back last fall, Trump has mostly stuck to posting on his own TRUTH Social account. Now that he has been indicted, the thinking goes that millions may join the social media platform in order to follow his acerbic smears – be they against Manhattan District Attorney Alvin Bragg or "the radical left Democrats" who he blames for his current predicament.
The case at hand is short on details, because it has been filed under seal. What the public does know is that it regards Trump's payoff to pornstar Stormy Daniels during his 2016 campaign, which was allegedly done in order to cover up a sexual escapade. Campaign finance law is riddled with strong dos and don'ts, and former presidential hopeful John Edwards was indicted on a similar campaign finance charge in 2011 following his 2008 run for the presidency but was acquitted.
"From the time I came down the golden escalator at Trump Tower, and even before I was sworn in as your President of the United States, the Radical Left Democrats - the enemy of the hard-working men and women of this Country - have been engaged in a Witch-Hunt to destroy the Make America Great Again movement," Trump said on his re-election website – www.DonaldJTrump.com.
Trump's lawyers expect him to be arraigned on Tuesday or some other date next week where he will be finger printed and then released to prepare his defense. The case will likely be in the news for the next few years. Trump's lawyers have already been telling the press that he will continue his campaign for the 2024 presidential election like socialist candidate Eugene Debs, who ran for president from jail in 1920.
DWAC stock forecast
DWAC bulls primarily need to contend with the descending trendline, which is now around $14.50. This gives DWAC a price level to beat before further upside is considered to be in the cards. If DWAC fails to break above this trendline, it will soon fall back to $13 for support.
DWAC daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD struggles near multi-month low below 0.6500 after Aussie jobs report
AUD/USD hangs near its lowest level since August 6 below the 0.6500 level following the release of rather unimpressive Australian employment details for October. Meanwhile, RBA Governor Michele Bullock said earlier on that interest rates were restrictive enough and will not rise any further.
USD/JPY briefly pops 156.00 on firmer US Dollar
USD/JPY holds firm near its highest level since July 24, having briefly popped 156.00 in the Asian session on Thursday. The continuation of the Trump trade lifts the US Dollar to yearly highs while Japan's stimulus plans fail to inspire the Yen. Traders watch out for any Japanese internvetion risks.
Gold downside appears unabated, with eyes on Fed Chair Powell
Gold price is sitting at its lowest level in two months near $2,560 early Thursday, as buyers eagerly await US Federal Reserve Jerome Powell’s speech for a brief respite.
XRP's open interest drops over 10% amid struggles near $0.7440 resistance
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.