DWAC, the SPAC that is set to merge with Trump Media & Technology Group to create a new social media platform called Truth Social, surged higher in the pre-market, up as much as 25% before the open, but has come under selling pressure since.
This move comes despite a further surge in bullish sentiment from the WallStreetBets crowd:
While some hedge funds have been vocal about dumping their exposure when discovering the link to trump, as Bloomberg reports, many of the retail investors who reaped huge profits this week aren’t even thinking about Truth Social’s future.
They’re celebrating their winnings - and dealing with any lingering emotions.
“Do I feel any guilt as a person?” said Jesse Kimotho, a student at Yale University.. “Yes, but I look at my bank account and I feel very happy.”
Meanwhile, CNBC and others are aggressively pointing out the fact that "there's no actual company there", which appears to have been the case for many SPACs that have been cheerled by the business media this year until now. Additionally, many are signaling ESG concerns as a driver for reducing exposure to this stock.
But not everyone...
“I think most retail traders missed Trump's market, and I’m also a Trump supporter, so I’ve been anxiously waiting for this new social platform,” said Sarah Mostafa, 31, who works as a physical therapist in New York City.. “It’s been unreal, I don’t think anyone really expected it to go this high.”