Digital World Acquisition Corp.'s (DWAC) shares tumbled 15.5% today after former President Donald Trump announced he will once again seek the Republican nomination as presidential candidate in 2024.
“In order to make America great and glorious again, I am tonight announcing my candidacy for president of the United States," Trump told supporters during an event at Mar-a-Lago.
DWAC is a SPAC which is aiming to take the former president's tech and social-media platform public in a reverse merger.
READ: Donald Trump-linked SPAC stocks surge on hints at presidential run
But the company continues to haemorrhage money losing roughly $3.4 million in the latest quarter.
The future of DWAC and its efforts to take Trump Media and Technology Group public are tightly bound up in the value of the Trump brand.
Another presidential bid could be a big boost for the brand, if successful, but last week’s midterm elections were seen as a blow to his hopes as several prominent Trump-backed candidates came up short.
Contact Jeremy at jeremy@proactiveinvestors.com