DWAC - Trump-Linked Digital World Acquisition Hits 7-Week Low As Ex-President Struggles To Secure Bond In Civil Fraud Case | Benzinga
On Monday, the stock of Digital World Acquisition Corp (NASDAQ:DWAC), the special-purpose acquisition company (SPAC) poised to launch former President Donald Trump‘s social media platform, Truth Social, to the public, reached a 7-week low.
What Happened: The shares of DWAC plummeted by as much as 8.74% to $35.58 on Monday, the lowest level since Jan. 30. This comes as Trump’s attempts to secure a bond to cover a $454 million judgment in a New York civil fraud case were rejected by 30 surety companies, bringing him closer to the potential seizure of his properties, Reuters reported.
Trump’s legal team proposed that he be allowed to post a $100 million bond while he appeals the judgment. Earlier this month, Trump posted a $91.6 million bond to cover a defamation verdict for E. Jean Carroll as he appeals, a case stemming from her accusation of rape against him.
Despite ...