DWAC Stock Forecast: Digital World Acquisition gains as market rallies after Fed rate hike

NASDAQ: DWAC gained 2.60% during Wednesday’s trading session.
Truth Social CEO Devin Nunes supports Elon Musk taking on big tech.
Musk considers taxing corporations and governments who use Twitter.

Stocks Reporter FXStreet

NASDAQ: DWAC ended its three-day slide to start the week after the broader markets surged following the release of the FOMC rate hike. On Wednesday, shares of DWAC gained 2.60% and closed the trading session at $47.82. Investors were cautious ahead of the Fed announcement but drove stocks up sharply after Fed Chairman Jerome Powell reported a half percentage point raise. All three major indices cruised into the closing bell as the Dow Jones added 932 basis points, the S&P 500 rose by 2.99%, and the NASDAQ soared by 3.19% during the session.

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Truth Social CEO Devin Nunes has pledged his support for Tesla (NASDAQ: TSLA) CEO Elon Musk acquiring Twitter (NYSE: TWTR). Nunes and former President Trump himself support Musk taking on the ‘tech tyrants’. The irony of course is that Tesla is a mega-cap tech company itself but the support likely stems from Trump’s ban from Meta Platforms (NASDAQ: FB) site Facebook, Twitter, and Alphabet’s (NASDAQ: GOOGL) YouTube video streaming site. Musk has previously offered to remove Trump’s ban from the platform but the former President has so far declined the invitation back to Twitter. Last week, downloads of Truth Social skyrocketed after Trump made his first appearance on the app in several months.

DWAC stock price

Musk has wasted no time in considering potential fixes he will impose to Twitter’s current platform. Most recently, Musk pondered charging a slight fee to government agencies and corporations for using Twitter. He also suggested charging companies to quote or embed tweets that gain a lot of traffic. Of course, critics have cited that this goes against Musk’s desire for free speech on the platform to begin with.

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