Yahoo Finance Live anchors discuss the rise in stock for DWAC after Google Play accepts the Truth Social app.
Video Transcript
DAVE BRIGS: My play is Digital World Acquisition Corp. Shares of the blank check company jumping big time today on news former president Donald Trump’s Truth Social media platform will be allowed on the Google Play store. That covers 44% of all smartphone users, who, of course, have Android devices. It had been banned prior.
According to Google, though, Truth Social agreed to enforce content moderation and to remove and block users who publish posts that incite violence. DWAC is currently pushing to extend the deadline for the merger with Trump Media currently set for December 8. Without the extension or the completion of the merger, they will be forced to liquidate. Shares are down 94% in the last 12 months, but they are up today. We mentioned the bounce, 14 plus percent.
This on the very day that the House had another public hearing on the January 6 insurrection. They’re voting this afternoon to see if they’ll subpoena Donald Trump. Of course, we’ll never see him at these hearings. It will kick way till after midterms. He’ll delay this forever. I’m stunned at this increase, though, Rachelle. I give this deal, Truth Social, no chance. Look, my perception is deal has never changed. I just cannot see a path to success. Not sure about you.
RACHELLE AKUFFO: No, I mean, and they talk about the extensions. We heard from DWAC CEO Patrick Orlando. Basically, he’s already said, if they don’t get more of these extensions, the deal is going to fall apart. And a lot of people were wondering, now that this Twitter deal with Musk is supposed to go through, do you still need DWAC?
We already have a platform. So for some of these ones that perhaps sprung up because of the limitations of Twitter, even though there is some hope, obviously, with it being in the Google Play store, if there’s no deal, it doesn’t really matter if the app makes it to the Play Store.
SEANA SMITH: Yeah, I think the performance has just been so rough here, going back year to date, with the stock off 64%. These investors are just looking for any sort of good news, which is why we’re seeing the pop today. But I’m with you. I really don’t think that this excitement in this is going to last.
