Digital World Acquisition Corp. DWAC shares are trading higher Wednesday after former President Donald Trump's legal team filed a brief with the U.S. Supreme Court outlining why he should be granted "ultimate immunity."
The Details:
Trump's legal team filed a brief outlining its argument, saying that if the court rejects his claim it would “incapacitate every future president.”
“The president cannot function, and the presidency itself cannot retain its vital independence, if the president faces criminal prosecution for official acts once he leaves office,” lawyers said in the brief.
The former President's legal woes continue to move the price of Digital World stock, as the special acquisition company is expected to take Donald Trump's social media company, Trump Media and Technology Group public.
The stock fell Monday after Trump was unable to secure a bond to cover a $454 million judgment in a New York civil fraud case, bringing him closer to the potential seizure of his properties.
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Should I Sell My DWAC Stock?
Whether to sell or hold a stock largely depends on an investor's strategy and risk tolerance. Swing traders may sell an outperforming stock to lock in a capital gain, while long-term investors might ride out the turbulence in anticipation of further share price growth.
Similarly, traders willing to minimize losses may sell a stock that falls a certain percentage, while long-term investors may see this as an opportunity to buy more shares at a discounted price.
Shares of Digital World Acquisition have gained 206.02% year to date. This compares to the average annual return of 54.11%, meaning the stock has outperformed its historical averages. Investors can compare a stock's movement to its historical performance to gauge whether this is a normal movement or a potential trading opportunity.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Digital World Acquisition stock currently has an RSI of 30.01, indicating neutral conditions.
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DWAC Price Action: According to Benzinga Pro, Digital World Acquisition shares are up 8.18% at $39.40 at the time of publication.
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