Digital World Acquisition Corp Stock News and Forecast: DWAC retreats as two key executives leave

DWAC stock falls just under 10% on Monday.
Digital World Acquisition Corp is taking Truth Social public via SPAC deal.
Donald Trump's media SPAC has performed poorly losing 40% in the last month.

Ivan Brian FXStreet

DWAC is the Special Purpose Acquisition Vehicle (SPAC) that is due to take former US President Donald Trump's Trump Media & Technology Group (TMTG) public scheduled for some time this year. TMTG owns the Truth Social media platform. Social media platforms were perhaps put in play on Monday when news broke of Tesla (TSLA) boss Elon Musk buying a 9.2% stake in Twitter (TWTR). TWTR stock rallied sharply on the news and ended Monday up a whopping 27%. Other social media sites, notably Facebook Meta (FB) also saw strong gains on Monday, all of which helped the Nasdaq power higher.

Digital World Acquisition Corp (DWAC) Stock News: Two key executives leave

Reuters broke the story on Monday that Josh Adams and Billy Boozer have left the company. Josh Adams was the Chief Technology Officer while Billy Boozer was Head of Product Development of TMTG.

The launch of the Truth Social app in February of this year has not exactly gone smoothly. The app had a few technical glitches and led to CEO Devin Nunes saying the problems would be resolved by the end of March. So far, though, nothing appears to have improved and user visits have fallen sharply according to several reports. This has led to a 40% fall for DWAC stock in the last month.

It is worth pointing out though that DWAC is still up nearly 500% over the past 12 months. The stock rocketed from $12 to $175 in late October when news of the SPAC deal broke, but recent delays in filing documents have unnerved DWAC stock investors.

DWAC filed a Notification of Late Filing on March 31 "The Registrant is unable to file its Form 10-K for the year ended December 31, 2021, within the prescribed period without unreasonable effort or expense because the Registrant’s independent registered public accounting firm is in the process of completing the audit of the financial statements for the period ended December 31, 2021, and will need additional time to complete its audit".

So far, former President Trump has not been particularly active on the platform but he may be waiting until all the various issues are fully sorted before partaking.

Digital World Acquisition Corp (DWAC) Stock Forecast: Support at $50

The move on Monday broke support at $60 and now DWAC stock is headed for the consolidation zone from back in December. This is located from $50 to $52. Just below, at $47, the point of control or price with the highest volume is found. So these areas are key support zones. However, DWAC stock is more driven by newsflow than technicals.

DWAC stock chart, daily

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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