Digital World Acquisition Corp. (NASDAQ: DWAC) has rallied over 50% since former President Donald Trump's win in Iowa, and it's up another 10% in the premarket trading session today, Monday, January 22.
Trump won the Iowa caucus by a record margin of about 30 points, according to CNBC, with Ron Desantis coming in second, Nikki Haley in third, and Vivek Ramaswamy in fourth. Ramaswamy ended his campaign following the results, endorsing Trump shortly thereafter. Ron Desantis ended his campaign on Sunday, January 21, also endorsing Donald Trump.
Digital World Acquisition is a special purpose acquisition corporation (SPAC) that is trying to merge with the former president's Trump Media & Technology Group, which is behind the Truth Social app.
If former President Trump becomes the Republican nominee, which seems highly probable at this point, it would likely accelerate the adoption of the Truth Social platform, making Digital World Acquisition well-positioned to be a top beneficiary as we roll into the election.