Trump’s “major announcement” turned out to be the NFT pool, and the shares of the SPAC digital world are predictably growing

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

Former US President Trump appears to have exaggerated hype about a “major announcement” he was supposedly scheduled to make today, based on price action in shares of Digital World (NASDAQ:DWAC), a SPAC set to take on Trump’s media and technology conglomerate (NASDAQ:DWAC). TMTG) through reverse fusion.

Yesterday, Trump posted on his dedicated social media platform, Truth Social, that he would be making a “significant announcement” on Thursday, spurring shares of Digital World, which acts as a proxy for all things Trump-related pre-merger, into big first-tier gains.

However, according to the big reveal, the former US president’s latest initiative appears to focus on a collection of NFTs, each priced at $99 before the holidays.

Source: https://www.nasdaq.com/market-activity/stocks/dwac

The disappointing nature of this announcement seems to have disappointed investors in the digital world, as the stock is currently down more than 5 percent. Of course, SPAC shares also embarked on a short-term uptrend ahead of the midterm elections, only to notice the rally faded after the much-touted red wave turned out to be just a splash.

Keep in mind, the merger between Digital World and TMTG has been complicated by an influx of federal investigations, including an ongoing investigation by the SEC and FINRA regarding allegations that SPAC management violated securities law by conducting private discussions about the merger with TMTG early on. as of May 2021 but has failed to disclose this relevant information in public filings. The SEC is also looking into reports that Rocket One Capital may have known about the impending merger between TMTG and DWAC prior to the public announcement. In light of these developments, the date for the actual completion of the merger agreement has been postponed to September 2023.

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Do you think Trump’s foray into the NFT space is a good strategy? Let us know your thoughts in the comments section below.

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