Digital World Acquisition gains as market relief recovery continues

  • NASDAQ: DWAC gained 2.56% in Wednesday’s trading session.
  • Truth Social has a serious lack of support from the right so far.
  • DWAC’s counterpart, Phunware, releases a new form to prevent short selling.

NASDAQ: DWAC rose for the second day in a row on Wednesday as struggling SPAC stock was pulled higher by the surge in the NASDAQ index. DWAC shares added another 2.56% and closed the trading session at $68.00. Broader markets soared again on Wednesday, even as the Federal Reserve implemented its first interest rate hike since 2018. Federal Reserve Chairman Jerome Powell said he expects six more rate hikes to come, but market reaction might say most of that has already been baked in during the recent correction. The Dow Jones added 518 basis points while the S&P 500 and NASDAQ jumped 2.24% and 3.77% respectively during the session.

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Truth Social continues to suffer from a serious lack of support from the right, despite being touted as the social media platform of choice by American conservatives. The lack of presence of the Trump family, as well as big conservative figures like Steve Bannon, Rudy Giuliani and Tucker Carlson could be a telltale sign. Additionally, Donald Trump’s Only Truth received over 13,000 responses, though most of them appear to come from spambots.

DWAC Inventory Forecast

Phunware (NASDAQ:PHUN) is a company with long ties to Trump Media due to its past relationship during the 2020 presidential campaign. On Wednesday, it announced that it had created an online form for brokerages that prevents them from lending Phunware stock for short selling. Will this work? That remains to be seen, but meme stock investors bought in as shares of Phunware rose 6.58% during the session.

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