Digital World Acquisition Corp (DWAC) is a NASDAQ-listed exchange-traded fund, which means you can buy it from most brokers. After months of struggling to gain traction, Digital World Acquisition (NASDAQ: DWAC) is back in the black today.
The recent acquisition of Twitter (NYSE: TWTR) by Elon Musk has sparked speculation that Truth Social’s days are numbered. Now, as Musk’s deal likes to hang in the balance, the platform is finally gaining traction, causing DWAC stock to rise.
However, Truth Social’s new first-place finish in the free version category does not mean the company’s problems have been solved. The stock of DWAC is currently on a winning streak for the second day in a row. Shares are up 18 per cent for the day as of this writing, despite a recent dip. It’s up all week so far thanks to today’s early surge. However, shares have lost more than 30% of their value in the last month.
What are the certain things to keep in mind when buying stocks?
To purchase Truth social stock, follow these steps:
- Step 1: Locate a reputed and reliable broker.
To begin, locate a reputable broker. Opening a brokerage account is simple and free. The right agent can mean the difference between making money and losing money on each transaction. The agents listed below are among the best in the industry, with low costs and commissions (or none at all), high-quality products and services, and easy-to-use interfaces and beginner-friendly resources.
Digital World Acquisition Corp can be purchased through the following brokers:
- Webull Overview: Among all stock brokers, Webull has the most frequent and best advertisements. Moderate traders and those looking for an all-in-one brokerage app should consider Webull.
- Moomoo Overview: Of all the agents, Moomoo has the best sign-up bonus. All merchants who want to take advantage should use Moomoo.
- Overview of Public: Public is a mixed social investing platform that allows you to invest with others for as little as $1. When a more social factor is expected, the public is advised to invest.
- Acorns Overview: Acorns is a simple way for users to invest their spare change automatically. Acorns is recommended for users who want a hands-off investing strategy.
- Step 2: Add money to your new account
Before you can buy the stock, you’ll need to deposit funds into your new brokerage account. The most common method of funding an account is through a bank transfer, which is recommended. Some brokers may accept payment by debit or credit card.
On the brokerage app or website, look for DWAC.
Search for Digital World Acquisition Corp. on your broker by searching again for company name: Digital World Acquisition Corp. or the ticker symbol: DWAC after your funds have been finalised into your account.
- Step 3: Purchase the stock
After you’ve added Digital World Acquisition Corp. to your broker’s account, you can place a buy order for the stock. Note that the stock price may be higher or lower than the listed price depending on when you are supposed to buy it. You may also be able to buy fractional stakes if your agent is trustworthy. You’ve just purchased your first shares of Digital World Acquisition Corp- Class A Common Stock after your order is fulfilled. Congratulations!
Tips for acquiring the stocks
While cancelling your order, you have two options for buying shares of Digital World Acquisition Corp. One is at market price with a market order, and the other is at a predetermined cost with a threshold order.
- Market order: Purchase the stock at the current price.
- Limit order: Buy only when the stock reaches your target price.
Unless otherwise specified, all investments are treated as market orders by default. Limit orders are useful if you only want to buy DWAC shares if the price reaches a certain level.
Should DWAC stock be purchased now?
The price per share of Digital World Acquisition Corp. has dropped in recent weeks, and the daily volume has dropped as well. You should only buy DWAC if you believe the stock will soon recover, or you should wait until the stock has stopped declining. Finally, neither cadent nor anyone else can tell you whether or not you should buy DWAC today. You should be comfortable with the risk of the purchase and only buy when you believe the time is right.
The risk factor for DWAC stocks according to Kerrisdale
After Kerrisdale Capital broadcasted a short document targeting Digital World Acquisition, the SPAC that plans to merge with former President Donald Trump’s Truth Social, shares fell 9%. Kerrisdale believes DWAC will fail to complete its merger with Truth Social, citing the company’s poor performance at Truth Social as evidence of its inability to launch an alternative social media outlet successfully.
“Given the clearly misleading statements in DWAC’s registration statement, the status of TMTG’s processes at the time the partnership agreement was executed, the cast of characters seeking to consummate that merger, and those individuals’ flagrant disregard for SEC rules and regulations,” Kerrisdale said. “DWAC’s stock has much further to fall.”
Digital World Acquisition Corp is being investigated by the SEC’s enforcement division, according to Kerrisdale. “DWAC is a poster child for a few of the worst abuses the investment vehicle has spawned,” Kerrisdale said. If a deal between Truth Social and Digital World Acquisition Corp is reached, Kerrisdale says the company’s current valuation “is absurd” and financial projections are “based on the flimsiest of assumptions.” Before the short report, the stakes for Digital World Acquisition Corp were already high, as Elon Musk attempted to acquire Twitter. DWAC’s stock is down 75% from its all-time high of $175.
Truth Social was currently placed higher than Twitter in App Store ranking
Elon Musk has recently offered assistance to the company. Tesla (NASDAQ: TSLA) CEO Elon Musk tweeted a screenshot of app store rankings this morning, showing that Truth Social was currently ranked higher than Twitter. Everyone knows how much a Twitter post from Elon Musk can boost a stock’s value. But let’s look at why he chose to highlight one of his upcoming competitors.
What is the current state of DWAC Stock?
Some DWAC stockholders are ecstatic this morning, interpreting Musk’s tweet as a vote of confidence in Truth Social. However, a closer examination reveals that Musk was more than likely attempting to indicate something negative about Twitter. Musk appears to have said Twitter is run so badly that more people are going to download Truth, a platform that so many have rejected as a joke.
Of course, the news for DWAC hasn’t been all bad this week. For example, Digital World’s partner Trump Media & Technology Group (TMTG) recently registered as a business in the state of Florida. Rumble’s cloud infrastructure was also used by Truth Social. According to Fast Company, these changes may be fueling the platform’s newfound popularity.
Users are more likely to flock to the platform now that former President Trump has stated that he will not come back to Twitter even if his ban is lifted. Members of Trump’s inner circle have questioned the assertion. Despite the recent rally, Wall Street remains bearish on the DWAC stock. According to Insider, Empire Financial Research analyst Enrique Abeyta has written it off. “Musk’s acquisition of Twitter is a mild negative,” Abeyta says. “But there were already so many negatives that you can’t really even describe it as a game-changer.”