DWAC Stock Price: Digital World Acquisition inches higher but underperforms during market rally

NASDAQ: DWAC started to lose some momentum on Wednesday, but the stock still managed to eke out a minimal gain before the closing bell. Shares of DWAC edged higher by 0.05% and closed the trading session at $95.15. The markets continued its turbulent week on Wednesday as all three major indices rebounded higher despite the rising price of oil and a spike in treasury yields. The Dow Jones jumped by 596 basis points, while the S&P 500 and the NASDAQ gained 1.86% and 1.62% respectively during the session. Investors shrugged off the threat of ongoing attacks on Ukraine, and erased much of the losses suffered on the first day of March. 

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Social media platforms Facebook and Twitter are doing their part to shut off the disinformation that was being spread from the Russian state media. Both companies will be respecting the sanctions against Russian media, including against sites like Sputnik and RT, two of the more influential Russian accounts. This applies to all platforms under Meta, including Instagram and the flagship Facebook platform. The sites have been criticized in the past for being manipulated to spread disinformation, but with the recent bad reputation of social media, the companies seem to be abiding by the rules and sanctions. 

DWAC stock forecast

The troubled launch of Truth Social continues to affect both its users and the general sentiment of the platform. As more frustrations are seen online, this will likely have a negative impact on the stock at some point in the near future. Not only is the waitlist for access still long, but the platform itself has been described as less than robust and users are being subjected to the same recycled content.

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