2023-04-04 15:28:59 ET
Trump SPAC Digital World ( NASDAQ: DWAC ), which is taking Donald Trump's social media company and Truth Social app public, fell 7.2% as the former president was formally arraigned on charges related to alleged hush-money payments made during the 2016 presidential campaign.
Shares of Digital World ( DWAC ) have seesawed in recent days on news that Trump would be indicted . DWAC jumped 7.6% on Friday after a Manhattan grand jury voted to indict the former president on felony charges on Thursday. The stock gained 8.5% on Monday.
Shares of Digital World (NASDAQ: DWAC ) have plunged 85% since hitting highs in early March of last year. Investors are concerned about delays in completing its deal to take Trump Media & Technology public.
Investors have also been worried about Trump's likely return to competing social media platforms such as Twitter and Facebook ( META ) after he was banned following the attack on the U.S. Capitol in January of 2021. Last month YouTube lifted its restrictions on Trump's YouTube channel and Trump was allowed to post videos on the site.
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Trump SPAC Digital World drops amid former president's arraignment