Shares of Digital Acquisition Corp (DWAC), the blank check company attempting to merge with former President Donald Trump's fledgling media group, declined by as much as 3.6% on Tuesday.
The stock rose by 10.96% at $13.87 a share on March 20, a day before Trump said he would be arrested.
DON'T MISS: Trump Says He Will Be Arrested on Tuesday, Encourages Protests
Trump said he will be arrested on Tuesday in a post from his social media company while encouraging his supporters to riot.
He used his social media platform company, Truth Social, to convey the message on Saturday: “WILL BE ARRESTED ON TUESDAY OF NEXT WEEK. PROTEST, TAKE OUR NATION BACK!”
Truth Social is a conservative social media platform and its parent company is Trump Media and Technology Group (TMTG). Shareholders of DWAC approved a one-year extention to take the social media company public last November.
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DWAC Future Relies on Trump
The future of DWAC relies heavily on the future of Trump, who is currently the top Republican candidate for the 2024 presidential election.
The SPAC continues to operate at a loss and said it lost $4.8 million during the latest quarter ending on Sept. 30, according to SEC filings. DWAC reported a loss of $11.4 million during the first nine-months of 2022.
The former president has been inciting violence and encouraging his supporters to conduct protests as a New York prosecutor could file charges for the money that was paid for women who alleged sexual encounters with Trump.
Trump would be the first former president in American history to receive an indictment for a crime.
Trump said on March 18 that because of “illegal leaks” from the Manhattan district attorney’s office, his arrest would occur on Tuesday.
His social media post said, “THE FAR & AWAY LEADING REPUBLICAN CANDIDATE & FORMER PRESIDENT OF THE UNITED STATES OF AMERICA, WILL BE ARRESTED ON TUESDAY OF NEXT WEEK.”
New York law enforcement officials have beefed up security in the city if he is indicted.
Prosecutors have remained silent on the grand jury's deliberation on the case.
It is not known if prosecutors have reached out to Trump, and there is no proof that it has occurred.
If the former president is indicted by the grand jury, an arrest would only occur if he failed to surrender.
Lawyers for Trump have said before that the former businessman would agree to a surrender, which could take place at a New York Police Department precinct or at NY prosecutor Alvin Bragg's office.
A Trump spokesperson told the Associated Press on March 18 that “there has been no notification” of a pending arrest.
Danielle Filson of the district attorney’s office told the AP that prosecutors “will decline to confirm or comment” on questions related concerning either Trump’s post or potential charges.
Susan Necheles and Joseph Tacopina, Trump’s lawyers, did not immediately respond to messages about Trump’s post, the AP reported.
Trump Calling for Protests
What is alarming is that Trump is again calling for his supporters to protest, using language that is similar to what he said right before the riot that occurred on Jan. 6, 2021, at the U.S. Capitol.
Supporters of Trump broke into the building on Jan. 6, storming past law enforcement as they sought to halt the congressional certification of Democrat Joe Biden’s White House election. The supporters broke not only windows and doors, but also violently attacked police officers who were greatly outnumbered.
Trump’s Truth Social post was only based on “other than illegal leaks” to the media, but not from any news or communication from prosecutors, according to a statement from the Trump spokesperson, the AP reported.
A grand jury has been investigating the hush money that Michael Cohen, a former attorney for Trump, paid to porn star actress Stormy Daniels for Trump.
Cohen finished his testimony on March 15 and said that he is not seeking revenge against Trump.
“This isn’t a question of vindication. It’s not a question, as I stated before, about revenge … My position is that, at the end of the day, Donald Trump needs to be held accountable for his dirty deeds, if in fact that’s the way that the facts play out,” he told the media after he was finished testifying.
The former president has denied having an involvement with either Daniels or model Karen McDougal.
Cohen gave the grand jury his evidence, which includes voice recordings, emails and text messages, including one recording of a conversation he had with an attorney for one of the two women.
The payments were made several days before the 2016 presidential election and Cohen was reimbursed by the Trump Organization.
Cohen received a sentence of three years in prison after pleading guilty to nine federal charges, including campaign finance violations.
