DWAC Stock Price: Digital World Acquisition gains as market relief rally continues

NASDAQ:DWAC gained 2.56% during Wednesday’s trading session.
Truth Social has a serious lack of right wing support so far.
DWAC counterpart, Phunware, releases a new form to prevent short selling.

Stocks Reporter FXStreet

NASDAQ:DWAC rose for the second consecutive day on Wednesday, as the struggling SPAC stock has been pulled higher by the surging NASDAQ index. Shares of DWAC added a further 2.56% and closed the trading session at $68.00. The broader markets soared again on Wednesday, even as the Federal Reserve implemented its first interest rate hike since 2018. Federal Reserve Chairman Jerome Powell said he anticipates six more rate hikes to come, but the market reaction could be saying that most of this has already been baked in during the recent correction. The Dow Jones added 518 basis points while the S&P 500 and NASDAQ jumped higher by 2.24% and 3.77% respectively during the session.

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Truth Social continues to suffer from a serious lack of right wing support, even though it was advertised as the chosen social media platform for conservative Americans. The lack of presence from the Trump family, as well as from major conservative figures like Steve Bannon, Rudy Giuliani, and Tucker Carlson might be a telling sign. Furthermore, the one truth from Donald Trump has received upwards of 13,000 replies, although most of these seem to be from spam bots.

DWAC stock forecast

Phunware (NASDAQ:PHUN) has been a company long linked to Trump Media because of its past relationship during the 2020 Presidential campaign. On Wednesday, it announced that it had created an online form for brokerages that prevent them from lending out Phunware shares for short selling. Will this work? It remains to be seen but meme stock investors were buying into it as shares of Phunware were up 6.58% during the session.

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