Digital World Acquisition Corp. DWAC, the SPAC set to merge with Donald Trump’s Truth Social platform, saw gains in premarket trading on Monday.
The uptick comes as rival social media platform Twitter faced backlash for limiting unregistered users’ access to tweets, creating an opportunity for Truth Social to attract disgruntled users.
The worldwide launch of Truth Social could also expand Trump’s audience as he shares messages on the platform.
However, Digital World faces regulatory scrutiny and challenges in finalizing its merger with Truth Social, with recent insider trading allegations adding to its troubles.
Price Action: In premarket trading, Digital World shares rose 1.75% to $12.78, according to Benzinga Pro data.
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