It’s tough to ignore the impact of Donald Trump on stocks.
Look at Digital World Acquisition (DWAC), for example.
After trading at less than $10 a share in October 2021, it’s now up to $91.70.
Most of the gains came from the anticipation of the launch of Trump’s Truth Social app, which will “stand up to the tyranny of Big Tech.” The stock could see even more gains, as traders rush into DWAC following the launch of the app over the weekend.
Plus, as noted by Bloomberg, “Excitement from retail traders was notable Tuesday with the SPAC trailing only Tesla Inc. as the second-most most actively traded stock on Fidelity’s platform. The ticker was the most-mentioned on popular chatroom Stock Twits and touts on Reddit’s Wall Street Bets forum were second only to an exchange-traded fund that tracks the S&P 500 Index.”
At the moment, shares of DWAC are up $7 a share on a volume spike to 18.9 million shares, as compared to daily average volume of 6.5 million shares.