Digital World: Dumpster Fire Grows
- Digital World Acquisition Corp. has now lost some PIPE investors due to the delay in getting the SPAC approved and the reduced stock price.
- The SPAC still lacks the votes for the extension providing another year to close the SPAC deal.
- The stock has too many red flags to own at $16.
The bad news for Digital World Acquisition Corp. (NASDAQ:DWAC) just continues to add up. The SPAC taking former President Donald Trump's Truth Social public is struggling to close the deal due to SEC issues and the lack of retail investor votes. My investment thesis remains very Bearish on the stock, warning investors to stay on the sidelines until better information exists.
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Update - Oct. 13
The addition of Truth Social to the Google Play store is definitely a positive for Digital World, but it doesn't change the dynamics of an over valued SPAC to avoid.
- Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company public soared 22% on Thursday after Google (GOOG) approved the Truth Social app for its Play store.
- The Truth Social app appeared for the first time in Google's Play Store on Wednesday after it was first launched in Apple's App store in February.
- The Google Play news comes after it was reported in late August that Google (GOOGL) hadn't approved Trump's Truth Social app via its Play Store due to insufficient content moderation. The Truth Social app has been available in Apple's App Store since Feb. 21. Last week The Truth Social Android app showed up in Samsung's Galaxy Store app market.