DWAC skyrockets amid Donald Trump’s dominant 2024 primary position

by Summer Lane

Photo: Alamy

President Donald Trump hurtled to victory in the Iowa caucuses on January 15, sending shockwaves through the GOP political primary season.

In the wake of Trump’s dominance in the Republican race for the nomination, multiple sources have reported that Digital World Acquisition Corp. (DWAC) has experienced a wild surge in share value.

As many invested Americans know, DWAC has been set to merge with the 45th president’s Trump Media & Technology Group (TMTG) since 2021.

In November 2023, they filed “Amendment No. 1 to the S-4 Registration Statement” in the Securities and Exchange Commission (SEC) process, which signaled a big step toward completing the merger, as previously reported by RSBN.

Now, Bloomberg has reported that DWAC shares have soared by almost 200 percent, with an 88 percent jump following Florida Gov. Ron DeSantis’s (R) decision to suspend his presidential campaign.

Only former South Carolina Gov. Nikki Haley remains to challenge Trump for the GOP nomination, and national polling has foreshadowed the president’s continued dominance.

After the New Hampshire primary, Trump will all but lay claim to the Republican Party’s nomination.

In December 2023, DWAC and TMTG announced the filing of Amendment No. 2 paperwork to the S-4 registration form with the SEC, marking “another important milestone in the proposed Business Combination, which Digital World and TMTG expect to consummate as soon as the first quarter of 2024.”

With that merger goal in mind, Amendment No. 3 to the S-4 form in the registration statement was filed on Monday, Jan. 22, just one week after Trump’s win in the Iowa caucuses and one day before the New Hampshire GOP primary election.

Once the merger is completed, TMTG will be able to go public, which will likely boost Trump’s social media platform, Truth Social, to new and exciting developmental heights. The SEC review process between TMTG and DWAC has been remarkably prolonged, according to TMTG CEO Devin Nunes, who told RSBN in 2023 that it usually takes around 90-120 days.

“Our goal is to compete with these Big Tech giants, but in order to do that, you need to be a big public company with access to capital markets,” he explained.

With TMTG and DWAC’s anticipated merger seemingly near the horizon, the free speech social media landscape could evolve significantly in 2024 and beyond.

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