Digital World Acquisition Corp Stock News and Forecast: DWAC stock spikes on Fox News signing up

DWAC stock spikes as the platform sees Fox News sign up.
DWAC is to take former President Trump's Trump Media & Technology public via SPAC.
DWAC stock has spiked to $175 before retreating to $40.

Ivan Brian FXStreet

DWAC was back in the news on Tuesday as FOX News reportedly officially joined Truth Social. Digital World Acquisition Corp (DWAC) stock, is the Special Purpose Acquisition Vehicle (SPAC) that is due to take former US President Donald Trump's Trump Media & Technology Group (TMTG) public, an event scheduled for some time this year. TMTG owns the Truth Social media platform. The launch of Truth Social has been beset with delays and earlier this month saw two key executives depart. TMTG Truth Social executives Josh Adams and Billy Boozer had left the company, as reported by Reuters. Josh Adams was the Chief Technology Officer while Billy Boozer was Head of Product Development of TMTG. This added to recent concerns over the development of the Truth Social app. Truth Social has also seen limited interaction from former President Trump with many speculating he will wait until the platform is fully operational before giving his "truths". Reports have also hinted that former President Trump is less than happy about the progress of Truth Social. The Washinton Post had carried a story that President Trump "has privately fumed about the app’s slow rollout and has mused about joining other platforms such as Gettr, one of its biggest competitors, according to people familiar with the matter who spoke on the condition of anonymity because of the sensitivity of the subject".

DWAC stock news: FOX News sign up

Axios reporter Dan Primack reported on Tuesday that Fox News had signed up for Truth Social with a verified news feed. Primack said this contrasted with other companies touted by Truth Social who actually have been "bot feeds" on the site. “Truth Social today added formal/verified Fox News feed to its app. Notable, because most new brands — plus NFL, NASA, etc. — only have ‘bot feeds’ on the site, even though Truth Social promotes them,” Primack tweeted. This will come as welcome news and a diversion from social media competitor Twitter (TWTR) which has seen its shares soar on the back of Elon Musk's investment. DWAC stock jumped nearly 6% on Tuesday to $48.13.

DWAC stock forecast

We had previously identified the consolidation zone around $50 as support. That has been broken and Tuesday's move has merely retested it. DWAC has strong volume support at $46 from the point of control. The downtrend though is strong and only a move above $75 and last month's high will put the downtrend in jeproady.

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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