- NASDAQ: DWAC gained 5.41% during Friday’s trading session.
- Truth Social continues to struggle as Trump remains silent on the app.
- As DWAC heads towards its merger with Truth Social, serious questions remain.
NASDAQ: DWAC looked to be on pace for a losing week during Friday’s morning session, but a late surge into the closing bell pushed the SPAC stock into the green. Shares of DWAC climbed by 5.41% and closed the trading week at $71.47. The market rebound continued on Friday as the broader markets saw the best trading week since November of 2020. All three major indices closed higher for the fourth consecutive day, as the Dow Jones added 274 basis points, while the S&P 500 and NASDAQ extended their respective hot streaks by gaining 1.17% and 2.05% respectively during the session.
Stay up to speed with hot stocks' news!
Despite the late surge by DWAC, the Truth Social platform continues to struggle in its early days as an app. Lost in all of this is a noticeable absence of former President Trump who has not yet publicly commented on the rocky launch over the past few weeks. Trump and his family continue to be absent from the platform, as are most key right-wing conservative figures and politicians. It seems that a majority of them still prefer Gettr or Parler or even Twitter (NYSE:TWTR) as their primary residence on social media.
DWAC stock forecast
The exact date for the merger between Truth Social and DWAC is still unknown, although the last we heard it was going to take place in the first half of 2022. If Truth Social continues to fail will Trump and his company pull out of the deal? The app has had growing pains but there does seem to be interest in it from right-wing users. While the cloud computing segment and video streaming platform seem far-fetched at this point, Truth Social does still have some potential if they can get their act together.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD extends recovery gains to near 1.3250, as BoE looms
GBP/USD extends the recovery to near 1.3200 in European trading on Thursday, having found buyers near 1.3150. A fresh US Dollar pullback and a rebound in risk sentiment offer support to the pair ahead of the BoE policy announcements.
EUR/USD advances to 1.1150, focus shifts to ECB-speak
EUR/USD is well-bid near 1.1150 in the European session on Thursday. The pair is underpinned by the renewed US Dollar retreat and an upbeat mood. Traders digest the Fed's dovish outlook, bracing for ECB-speak for fresh trading incentives. US data are also eyed.
Gold price jumps back closer to all-time peak, $2,600 remains in sight amid fresh USD weakness
Gold price regains positive traction following the previous day's pullback from the all-time peak and builds on its steady intraday ascent heading into the European session on Thursday.
BoE expected to keep interest rate unchanged at 5% as price pressures persist
After a close call in August, the Bank of England’s September interest rate decision is keenly awaited for fresh cues on the bank’s future policy action and the pace of its bond sales.
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut
Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.