Why This SPAC Linked To Donald Trump Is Seeing High Interest On WallStreetBets Today

Digital World Acquisition Corp. DWAC — the SPAC partner of former President Donald Trump’s social media startup — has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Tuesday.

What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust SPY is seeing the highest interest on the forum with 280 mentions at press time, data from Quiver Quantitative showed.

Digital World Acquisition and electric vehicle maker Tesla Inc. TSLA are in the second and third positions, having attracted 70 and 58 mentions, respectively.

See Also: 5 Things You Might Not Know About Devin Nunes, CEO Of Trump Media & Technology Group

Why It Matters: DWAC is seeing high interest on the forum after Trump's new social media app Truth Social launched on Apple Inc.’s AAPL App Store on Sunday.

It was reported that the app — created by Trump Media & Technology Group (TMTG) — encountered a “partial outage” just hours after launching on the App Store.

Trump unveiled his plans for the app in October, after being banned from social media platforms Twitter Inc. TWTR, Meta Platforms Inc.'s FB Facebook and Alphabet Inc.'s GOOG GOOGL YouTube in the aftermath of the Jan. 6, 2021 riots on Capitol Hill.

Price Action: Digital World shares closed almost 1.4% lower in Friday’s regular trading session at $84.32 and further fell almost 1% in the after-hours session to $83.50.

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Photo: Courtesy of Gage Skidmore via Flickr