Donald Trump-Linked Stock Digital World Is Falling Today: Here's Why

  • A federal grand jury in New York has issued subpoenas to each board member of Digital World Acquisition Corp DWAC, the blank check company that has agreed to merge with Donald Trump's social media startup, Truth Social.
  • Truth Social, the Donald Trump-backed social network, aims to attract an "open, free, and honest global conversation" on its platform.
  • This is in addition to previously disclosed investigations into the blank-check company by the SEC and Justice Department.
  • As per the SEC filing, the investigations could delay, impede, or prevent the merger.
  • The transaction is expected to close in the second half of 2022.
  • Digital World Acquisition Corp. on Monday disclosed the subpoenas, adding that some of the information requested was about communications with called Rocket One Capital.
  • The filing also mentioned that Bruce Garelick is resigning from Digital World Acquisition's board of directors.
  • According to a Forbes report, Truth Social has around two million active users.
  • Responding to DWAC's filing, Trump Media & Technology Group (TMTG) stated, "TMTG is focused on reclaiming the American people's right to free expression. Every day, our team works tirelessly to sustain Truth Social's rapid growth, onboard new users, and add new features. We encourage—and will cooperate with—oversight that supports the SEC's important mission of protecting retail investors."
  • Price Action: DWAC shares traded 9.60% lower at $25.15 during the premarket session on the last check Monday.
  • Photo Via Wikimedia Commons

Posted In: Briefswhy it's movingNewsSmall CapLegalMoversTechMediaTrading IdeasGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.