- 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
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range above $2,300
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.