DWAC Stock Price: Digital World Acquisition plummets as Trump reacts to botched launch

NASDAQ:DWAC fell by 14.56% during Monday’s trading session.
Former President Trump is outraged over the failed launch of Truth Social.
Waitlist for the social media platform has hit 1 million users.

NASDAQ:DWAC snapped its recent seven day winning streak in a big way on Monday, as shares of the pre-merger SPAC stock tumbled. To start the week, shares of DWAC dropped by 14.56% and closed the session at $83.34. Has the bubble burst for DWAC? It’s hard to say, but there is no doubt that the stock is still overvalued at its current price. DWAC was likely also hit by downward selling pressure on Monday as the global markets hit free fall. Investors weighed the ongoing situation in Ukraine and fears that rising energy prices around the world could slow the economy and raise inflation even further.

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Former President Trump finally weighed in on the floundering launch of his social media app, Truth Social. Reports have surfaced that Trump has been overheard yelling on the phone about both the lack of positive media coverage and the bumpy launch of the app. As of last week, Trump had yet to even post on the site himself, and users that have managed to get into the app have complained about a lack of user engagement and overly recycled content. It seems that Trump is fed up with the launch and some even believe he may abandon the project altogether.

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As users continue to wait for the opportunity to sign up for the app, reports have indicated that the waitlist has hit 1 million users. People might be losing patience though as the app has fallen from first to 118th on the most downloaded apps on the Apple App store. It certainly does not help that the overall sentiment around the launch of the app has been negative, which is likely sending away both potential users and shareholders as well

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