DWAC Stock Price: Digital World Acquisition tumbles during another bearish start to the week

NASDAQ: DWAC kicked off the third week of March much like it did the second: deep in the red. On Monday, shares of DWAC tumbled by 13.14% and closed the first trading session of the week at $61.99. It was another bleak session as all three major indices started yet another trading week on the backfoot. The Dow Jones eked out a single basis point gain at the closing bell as the blue-chip index saw another wild swing after starting the day well higher. The S&P 500 fell by 0.74%, while the growth-heavy NASDAQ once again led the way lower into bear market territory, dropping by 2.04%. Oil futures also plunged, falling back below $100 per barrel as talks of a ceasefire between Ukraine and Russia as well as a new COVID-19 lockdown in China weighed on commodities investors. 

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Despite the struggles that Truth Social has seen since its launch, the Trump Media and Technology Group has grander plans for the future. The company, led by CEO Devin Nunes, is planning to attack other tech industry staples such as video streaming and cloud computing solutions are on its radar. Given how its social media endeavor is going so far, investors probably shouldn’t hold their breath for TMTG to challenge Netflix (NASDAQ: NFLX) or Amazon Web Services anytime soon. 

DWAC stock forecast

Remember when SPAC stocks were the talk of the town? There are few sectors which have been pushed down more than SPACs during this recent market correction. This is partly why it is so surprising to see DWAC trading at such inflated levels. Notable post-merger SPAC stock declines include Lucid (NASDAQ: LCID) down 47% year to date, DraftKings (NASDAQ: DKNG) down 45% year to date, and SoFi Technologies (NASDAQ: SOFI) 50% in 2022.

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