Digital World Acquisition Corp (DWAC) shares gained almost 55% on Monday after Donald Trump’s campaign to become the Republican candidate for the 2024 presidential election was boosted by Florida Governor Ron DeSantis suspending his bid.
DWAC is a special purpose acquisition vehicle (SPAC) attempting to merge with the former president’s media company Trump Media & Technology, the owner of Truth Social.
DeSantis on Sunday dropped his bid and in turn, endorsed Trump who now only faces one notable challenger to become the Republican candidate, former US Ambassador to the United Nations Nikki Haley.
“Success is not final, failure is not fatal: it is the courage to continue that counts.”
- Winston Churchill pic.twitter.com/ECoR8YeiMm
— Ron DeSantis (@RonDeSantis) January 21, 2024
“It’s clear to me that a majority of Republican primary voters want to give Donald Trump another chance,” DeSantis said.
“He has my endorsement because we can’t go back to the old Republican guard of yesteryear, a repackaged form of warmed-over corporatism that Nikki Haley represents.”
Shares of DWAC have been trending upwards since Trump’s caucus vote win in Iowa last week and gained another 54.8% at US$40.81 in the early afternoon on Monday.