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DWAC stock pops following former President Trump’s indictment

Shares of Digital World Acqusition Corp. move higher following headlines of former President Donald Trump's indictment by a grand jury.

Video transcript

- My play today is Digital World Acquisition Corp. DWAC. Shares of the Trump tides back to the green once again and trending on the Yahoo Finance website as the former president is indicted by a New York grand jury. Now DWAC is a blank check company and is expected to complete a SPAC merger at some point with Trump Media, the parent company of Trump's Truth Social.

We've seen moves like this in the past. And really, where this sticks out to me, Seana, is Trump has been-- as this process has been going on over the last week, months. He's using-- I want to say tweeting because it feels like Twitter. He's posting a lot on Truth Social. And we've heard from political strategists earlier in the hour that this might mean that Trump is still continuously well-positioned for 2024.

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If you think about if he gets back in office, and he continues to use Truth Social, does that become a bigger thing? Are we now using Truth Social to see what he's saying the same way we used to use Twitter to see what he's saying? I think it's sort of an interesting spin here.

With Trump back in the headlines, I went on Truth Social for the first time in my life today. So they got me.

SEANA SMITH: No, that is certainly a very, very good point. And we can certainly see that the trading action of this stock, of DWAC, has certainly been tied to any sort of headline with regards to Trump. When the GOP did not capture both the House and the Senate in the midterm elections, we saw DWAC come under pressure. So, yes. The fact-- you're exactly right.

What Rick Wilson was saying at the top of the show that he thinks this is going to add to the support. Drum up-- really rally his base. Solidify the fact that he will be the GOP nomination in 2024.

If you're looking at it from an investment standpoint, and what it means for this stock, you would have to think the shares would then be trading much higher. But you're right. What, they're down 90%, or something like that.

- That stock was almost $100 at its peak. I think it would've peaked at about $97 a share.

SEANA SMITH: Yeah. Certainly a name to continue to watch here as we do continue to obviously cover Trump over the next two years.