DWAC Stock Price: Digital World Acquisition slumps further as Truth Social execution is failing

NASDAQ:DWAC continued its recent decline, as the stock that will eventually merge with former President Trump’s Truth Social, has now lost nearly 30% over the past week. On Thursday, shares of DWAC dropped by a further 7.20% and closed the trading session at $70.29. The broader markets cooled off after a red-hot session on Wednesday. All three major indices closed lower once again with the Dow Jones dipping by 112 basis points, the S&P 500 falling by 0.43%, and the NASDAQ leading the way lower with a 0.95% loss. Much of the downward pressure stemmed from yet another higher than expected CPI report which showed that the inflation levels in the US are still rising. The 7.9% reading in the month of February is a 40-year high for the figure.

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At one point in late 2021, DWAC was the latest meme stock that could do no wrong in the eyes of investors. Right wing supporters were ready for Trump to make his long awaited return to social media, and Truth Social would finally be providing a voice for conservative Americans. Fast forward to today where Truth Social’s launch has been a verifiable failure thus far. With investor patience wearing as thin as Trump’s, there is no telling how low DWAC could fall, especially given this current market environment.

DWAC stock forecast

In what has been an interesting back and forth in the social media industry, Twitter (NYSE:TWTR) has managed to release a version of its app that bypasses the Russian security regulators. Twitter has created an onion app which can be used on the Tor browser, which is usually designated for use on the dark web. It allows users to bypass government regulators, and helps keep their activity anonymous as well.

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