The Trump social media company still does not appear to be doing well. It was late last year, in November, when an early version of a Trump-backed social media site was announced to appear… but it’s yet to show up. The stock price for Digital World Acquisition Corp. (DWAC), which announced that it would be merging with the Trump social media company (which is called the Trump Media & Technology Group) has gone all over the place — recently, it’s climbed to nearly $95 a share, but it’s been below $60 and even below $50 since the initial burst following the announcement of merger plans. Trump’s social media company sent a press release pointing readers to the rating from InvestorsObserver for DWAC stock… and InvestorsObserver, reporter Judd Legum noted this week, rates the stock as “very poor.”
“Digital World Acquisition Corp C (DWAC) gets a very poor rank from InvestorsObserver,” the entity said on its website as of early Monday afternoon, adding that it sits below 77 percent of other stocks that have been ranked by the organization — delivering yet another hit to the credibility of the social media operation. Financial volatility isn’t where the problems for DWAC and the Trump social media plans as a whole stop, though — the endeavor has also been placed under investigation by federal authorities governing the financial system, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). At issue is the fact that DWAC “may have committed securities violations by holding private and undisclosed discussions about the merger as early as May 2021, while omitting this information” from filings with the SEC, as summarized by Sen. Elizabeth Warren (D-Mass.), who’s among those to have expressed concerns.
