DWAC Stock Price: Digital World Acquisition extends gains as users await first post from Trump

NASDAQ: DWAC gained 0.30% during Friday’s trading session.
Truth Social is losing momentum and Trump himself has yet to post on the site.
Big tech is stepping up its digital sanctions against Russia.

Stocks Reporter FXStreet

NASDAQ: DWAC extended its winning streak to seven days as investors fought off downward selling pressure from the broader markets. Shares of DWAC gained 0.30% and closed the trading week at $97.54. It has been a wild ride for DWAC investors, but the ongoing botched launch of Truth Social might be triggering some selling from its shareholders. It also didn’t help that US markets tumbled yet again on Friday, as the Dow Jones fell by 179 basis points to record its fourth consecutive losing week. The S&P and NASDAQ also dropped by 0.79% and 1.66% respectively, as the situation in Ukraine overshadowed a better than expected jobs report for the month of February.

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Truth Social has been live for two weeks now and while the platform hit number one Apple’s app store downloads, user complaints have risen as well. First, the wait list remains as a major barrier for users to get access to the app. Second, recycled content and fake profiles have had some users questioning the legitimacy of the site. Finally, it has been revealed that President Trump himself has yet to even post on the site, despite heavily advocating for it over the past few months.

DWAC stock forecast

The situation in Ukraine has forced the hand of US big tech companies to issue their own digital sanctions on Russia. Companies like Meta Platforms (NASDAQ: FB) and Twitter (NYSE: TWTR) have already stepped up to stop the spread of disinformation. Meanwhile companies like Alphabet (NASDAQ: GOOGL) and Apple (NASDAQ: AAPL) are locking Russia out of sites like Google Search, Google Maps, and Apple Maps. Other companies involved include Microsoft (NASDAQ: MSFT), AirBNB (NASDAQ: ABNB), and Snap (NYSE: SNAP).

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Stocks Reporter

FXStreet

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