DWAC - Trump-Linked 'DWAC Is A Meme Stock On Steroids' Says Herb Greenberg As Former President Set To Get Richer By $3B With Truth Social's Merger | Benzinga
Former President Donald Trump is about to get richer by $3 billion thanks to the merger of his social media company Truth Social with Digital World Acquisition Corp. (NASDAQ:DWAC). However, CNBC’s Herb Greenberg thinks DWAC is a "meme stock on steroids."
What Happened: Trump Media & Technology Group, which runs Truth Social, will become a publicly traded company after majority shareholders of DWAC approved its acquisition, according to the company's SEC filings.
Trump will have a 58% stake in the merged entity, which would be worth nearly $3 billion, according to Benzinga Pro.
However, according to Greenberg, the only people who are buying this stock are those who would buy meme stocks based on what they read on message boards and forums.
"It's based on what you can see on any stock message board, where people are basically saying ‘to the moon,'" Greenberg said, CNBC reported.
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