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.
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Photo: Courtesy of Gage Skidmore via Flickr
