Digital World Acquisition, which is now Trump Media & Technology Group after successfully merging with former President Donald Trump's tech and social-media platform, announced Monday that common stock and public warrants are expected to trade on the Nasdaq Tuesday under the ticker symbols "DJT" and "DJTWW," respectively. DWAC shares surged Monday.
The move comes after DWAC stockholders voted in favor of the special purpose acquisition company's merger with Trump Media and Technology Group (TMTG) Friday. Trump Media is the parent of the conservative social-media platform Truth Social. DWAC now operates as Trump Media & Technology Group, according to regulatory filings.
"We are immensely grateful to our stockholders and our working group for their continued trust and support. This vote underscores their confidence in the merger with TMTG and the path we have set for the future. With many of our headwinds behind us, we look forward to working with TMTG and our dedicated team to close this merger," Digital World Chief Executive Eric Swider said in a statement late Friday.
Trump's stake in TMTG is valued at more than $3 billion, based on DWAC's current stock price.
DWAC stock advanced 35.2% to 49.95 during market action Monday. On Friday, shares sank 13.9% to 36.86.
Truth Social launched after Twitter, now X, shut down Trump's account following the Jan. 6, 2021, riot at the U.S. Capitol.
In October 2021, Truth Media and DWAC announced their plan to merge. Federal investigations have delayed the proposed merger for years. However, on Feb. 14, DWAC announced the U.S. Securities and Exchange Commission (SEC) proclaimed the merger's registration statement was effective, approving the proposed combination to go forward.
Trump And DWAC Stock
The Donald Trump brand and the value of DWAC stock are closely related. Trump's current status as the top Republican candidate for president figures squarely into the stock's gains so far this year. Federal charges could potentially tarnish that brand, according to company filings, although so far that has not been the case.
DWAC is currently up more than 1% in March. Before Friday, DWAC stock was up 4% in March and had jumped above the 50-day moving average, according to MarketSurge analysis.
DWAC stock is up around 140% in 2024 as TMTG is now set to go public and with Trump looking like he will be the GOP's presidential nominee.
DWAC stock is down around 75% from its Oct. 22, 2021, high of 175, marked just after news of the Trump merger deal broke.
DWAC stock has a 34 Composite Rating out of a best-possible 99. Shares also have a 98 Relative Strength Rating and an EPS Rating of 2.
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