Digital World Acquisition Corp. (NASDAQ: DWAC ), the special purpose acquisition behind the Truth Social app, is seen advancing sharply in premarket trading on Monday.
Truth Social is a social media platform, founded by former U.S. President Donald Trump after he was banned permanently from Twitter, Inc. (NYSE: TWTR ) early last year following the Capitol Hill insurrection.
What Happened: The rally in Digital World Acquisition is attributable to the decision by Elon Musk to cancel the deal to buy Twitter. Following the development, Wedbush analyst Daniel Ives slashed the price target for Twitter from $43 to $30. This marked a back-to-back reduction following ...
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