DWAC Stock Price: Digital World Acquisition tumbles to start November as legacy meme stocks rise

NASDAQ:DWAC fell by 10.23% during Monday’s trading session.
The world prepares as Truth Social’s test site is set to go live.
Legacy meme stocks surge to start November, as Trump-backed stocks take a back seat.

Stocks Reporter FXStreet

NASDAQ:DWAC is certainly a SPAC stock that is not for the faint of heart. The shell company that has been pegged to bring former President Donald Trump’s social media platform, Truth Social, to the public markets has had a volatile last couple of weeks, to say the least. Shares of DWAC fell a further 10.23% on Monday and closed the first trading session of November at $60.82. This is still a staggering price for a SPAC stock which has the NAV price set at approximately $10.00 per share. DWAC has now fallen by more than 30% over the past five sessions, after hitting an all-time high of $175.00 a couple of weeks back.

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As for the actual platform, Truth Social is getting ready to launch its test site in the coming days. A video that features Trump shows a platform that looks a lot like Twitter, but instead of tweets and retweets, users have truths and truths. It remains to be seen how well Truth Social will be received, but for those who are still interested in what Trump has to say, it may be one of the only sites where he can publicly be followed.

Dwac stock forecast

Unlike the Trump-backed MAGA meme stocks, other meme stocks fared better to start the month. AMC (NYSE:AMC) and GameStop (NYSE:GME) were up 4.78% and 9.03% respectively, as GameStop closed back over the $200.00 price level for the first time since mid-September. Other meme stocks on the rise included ContextLogic (NASDAQ:WISH), BlackBerry (NYSE:BB), and SunDial (NASDAQ:SNDL).

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