SPAC buying Trump's Truth Social has nearly doubled over six-session win streak

By Emily Bary

DWAC, which is buying Trump Media, has seen sizable momentum alongside recent GOP primary developments

Former President Donald Trump's continued momentum during primary season has translated to a sizable recent boost for the special-purpose acquisition company that's planning to buy the media company that runs his Truth Social platform.

Shares of Digital World Acquisition Co. (DWAC) were up more than 25% in Monday morning activity, putting them on track to extend their win streak to a sixth session. The stock is on pace to rise 96% over the six-session run if current gains carry through to the close.

DWAC's stock was also on track for its longest winning streak since the six-day period ending March 4, 2022.

DWAC's Monday rally comes after Ron DeSantis, once thought of as the most formidable Republican Party challenger to Trump, dropped out of the primary race over the weekend and threw his support behind the former president.

Shares also enjoyed a notable bump Jan. 16, rising 29% after Trump took home the Iowa caucus. The New Hampshire primary will take place Tuesday.

Read: Haley tries to turn the tide, as Trump cruises toward the 2024 nomination

Despite recent momentum, the stock remains down considerably from its March 2022 highs. It fetched a $97.54 closing price on March 4, 2022, and the stock currently changed hands 66% below that level.

DWAC agreed to merge with Trump Media, the company that operates Truth Social, back in October 2021.

-Emily Bary

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01-22-24 1056ET

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