DWAC Stock Forecast: Digital World Acquisition gains but posts a 9.0% loss for the week

NASDAQ:DWAC posted a small gain to close the week but still ended up losing over 9.0% during the past five trading days. On Friday, shares of DWAC rose by 4.31% and closed the trading session at $47.39. All three major indices closed lower yet again although the results on Friday were much tamer than the losses that were incurred during Thursday’s trading. The Dow Jones posted its sixth consecutive losing week after shedding a further 98 basis points, while the S&P 500 and NASDAQ fell by 0.57% and 1.40% respectively during the session. The NASDAQ posted its fifth consecutive losing week for the first time since 2012.

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In another twist to the ongoing saga of Elon Musk’s acquisition of Twitter (NYSE:TWTR), the Tesla (NASDAQ:TSLA) CEO came out publicly to deny claims that former President Trump had encouraged him to acquire the platform. Musk refuted a New York Post article that stated that both Trump and Truth Social CEO Devin Nunes had reached out to him during the negotiations with Twitter. It is unclear as to why Nunes would lie about the claims although it is likely he was trying to piggyback off the publicity to put Truth Social into a better light.

DWAC stock price

In another twist, former Microsoft (NASDAQ:MSFT) CEO Bill Gates has publicly questioned Musk’s motives for acquiring Twitter. The two billionaires have had a recent public feud after Musk revealed a text conversation where Gates admitted to having a short position against Tesla’s stock. Gates flat out said that Musk has a chance of making Twitter much worse, and reiterated his concern with all social media platforms spreading disinformation.