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Benzinga
Benzinga
Technology
Madhukumar Warrier

Why This SPAC Linked To Donald Trump Is Seeing High Interest On WallStreetBets Today

Digital World Acquisition Corp. (NASDAQ:DWAC) — the SPAC partner of former President Donald Trump’s social media startup — has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Tuesday.

What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust (NYSE:SPY) is seeing the highest interest on the forum with 280 mentions at press time, data from Quiver Quantitative showed.

Digital World Acquisition and electric vehicle maker Tesla Inc. (NASDAQ:TSLA) are in the second and third positions, having attracted 70 and 58 mentions, respectively.

See Also: 5 Things You Might Not Know About Devin Nunes, CEO Of Trump Media & Technology Group

Why It Matters: DWAC is seeing high interest on the forum after Trump's new social media app Truth Social launched on Apple Inc.’s (NASDAQ:AAPL) App Store on Sunday.

It was reported that the app — created by Trump Media & Technology Group (TMTG) — encountered a “partial outage” just hours after launching on the App Store.

Trump unveiled his plans for the app in October, after being banned from social media platforms Twitter Inc. (NYSE:TWTR), Meta Platforms Inc.'s (NASDAQ:FB) Facebook and Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube in the aftermath of the Jan. 6, 2021 riots on Capitol Hill.

Price Action: Digital World shares closed almost 1.4% lower in Friday’s regular trading session at $84.32 and further fell almost 1% in the after-hours session to $83.50.

Read Next:  Superhero Anthology From Game Of Thrones Author Coming To Marvel Comics: Here Are The Details

Photo: Courtesy of Gage Skidmore via Flickr

 

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