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The stock price is Digital World Acquisition Company Shares of the company fell 12% on Friday morning after the shell company’s shareholders approved a merger with the social media company owned by former President Trump.
DWAC opened the trading day at $44.20 per share, but fell below $38 at times after the vote. As of noon ET, shares were down about 3.5% from the opening.
The newly merged company, Trump Media, may begin trading under the new ticker DJT next week.
Trump holds a majority stake in the new company, which would be worth $3 billion or more given DWAC’s opening price on Friday.
But if DWAC stock does not recover before the merger is completed, the value of his upcoming shares will decrease.
FactSet data shows that a total of 11% of DWAC’s outstanding shares are shorted.
This means that investors who hold these positions are betting that the price will fall, and they must then buy back the shares and return them to the entity that lent them the shares.
This is breaking news. Please check back for updates.
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