Trump SPAC DWAC shares shoot higher in after-hours trading after Trump posts ‘I’M BACK!’

President Donald Trump speaks to the crowd

during a rally on March 12, in Florence, S.C.



As published on April 28, 2022 by Mike Murphy on Market Watch the Stock of the  SPAC buying Truth Social jumps after Trump posts.

DWAC shares shoot higher in after-hours trading after Trump posts ‘I’M BACK!’

Shares of Digital World Acquisition Corp., the special purpose acquisition company that is buying the company behind Donald Trump’s Truth Social, soared in after-hours trading Thursday after Trump posted a message on the platform for the first time in months.

“I’M BACK! #COVFEFE,” Trump posted on Truth Social on Thursday afternoon, with a photo of himself at his Mar-a-Lago estate in Florida. “Covfefe” was one of Trump’s more infamous Tweets, which grew into a meme of its own.

Shares of DWAC (DWAC, +9.01%) initially shot more than 25% higher late Thursday after Trump’s post, which suggested the former president may be more active on the social network, though gains settled to 15% by the end of the extended session. That was after the stock closed the regular trading day up about 8%, at $48.06.

In October, DWAC announced it would buy Trump Media & Technology Group, owner of Truth Social, which aims to be a competitor of Twitter Inc. TWTR, -0.18% and Meta’s FB, -2.56% Facebook. The platform debuted on Apple in February however, the app has not launched for Android or PC yet.  

DWAC shares hit a six-month low Monday on reports that “free speech absolutist” Elon Musk would buy Twitter and potentially restore Trump’s account, which Twitter banned in January 2021. But the stock has improved dramatically over the week — up 27% — after Truth Social CEO Devin Nunes told Fox Business that Trump has no interest in returning to Twitter. Trump said as much himself earlier in the month.

Trump finally posts a message on Truth Social, he says "IM BACK"

A post from former U.S. president Donald Trump. via Truth Social

Before Thursday, Trump had only one post on Truth Social, saying in February: “Get Ready! Your favorite President will see you soon!”

Buy yours here!

DWAC shares are down about 28% over the past three months, but only down 6.6% year to date, while the S&P 500 SPX, -3.63% is down 1% over the past three months and off 10% year to date