Why Trump-Related SPAC Digital World Acquisition Is Dropping

Digital World Acquisition Corp. SHOP shares are trading lower on Wednesday following the resignation of the company's auditor.

The Details:

On July 27, Marcum, LLP, the independent registered public accounting firm for Digital World Acquisition resigned from its position. Its previous reports on the Company's financial statements for the years ended December 31, 2022, and 2021 did not contain any adverse opinions, disclaimers, or modifications, except for an explanatory paragraph related to the Company's ability to continue as a going concern.

DWAC faces additional headwinds related to the third indictment of former President Donald Trump. President Trump was charged on Tuesday in connection to his alleged attempts to reverse the 2020 Presidential election outcome and faces four charges including conspiracy to defraud the United States, conspiracy to obstruct an official proceeding, obstruction of and attempt to obstruct an official proceeding, and conspiracy against rights.

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DWAC Price Action: According to Benzinga Pro, Digital World Acquisition shares are trading 6.80% lower at $15.15 at the time of publication.

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