Why Trump SPAC Digital World (DWAC) Is Rising While The Broader Market Tanks

Shares of Digital World Acquisition Corp DWAC are trading higher Thursday following reports that Alphabet Inc GOOG has approved the Truth Social app for distribution in the Google Play store.

Digital World is a SPAC set to merge with former President Donald Trump's Trump Media & Technology Group, which is behind the Truth Social app. 

Google previously disapproved the app on content moderation concerns after the company said the app violated its policies for user-generated content. However, several reports have indicated that Google has now approved the former President's social media app for distribution.

"Apps may be distributed on Google Play provided they comply with our developer guidelines, including the requirement to effectively moderate user-generated content and remove objectionable posts such as those that incite violence," a Google spokesperson said.

Trump's media company has hit some speed bumps in the merger process. Less than one month after failing to get shareholder approval to extend the vote on the merger, a new vote was once again delayed this week. The SPAC failed to get the necessary 65% of shareholders to vote on an agreement for a deadline extension.

The merger vote extension is now scheduled for Nov. 3. The SPAC could be liquidated in December if an extension is not approved.

Check This Out: How To Get Donald Trump's Truth Social

DWAC Price Action: Digital World has a 52-week high of $101.87 and a 52-week low of $15.20.

The stock was up 7.08% at $17.09 at time of publication, according to Benzinga Pro.

Photo: Gage Skidmore from Flickr.