Digital World Acquisition Corp. (DWAC) stock dived early Wednesday as the special purpose acquisition company took a hit after Tuesday’s midterms elections were read by some as a repudiation of candidates backed by former President Donald Trump.
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With several important races still undecided, Republicans appeared poised to land a narrow majority in the U.S. House of Representatives. However, the election results have fallen well below GOP expectations of a “red wave” bringing majorities to both chambers in Congress. With a number of Trump-endorsed candidates underperforming, several Republican political observers have hypothesized that voters have soured on the former president.
DWAC aims to take the former president’s tech and social-media platform public in the sort of reverse merger that was popular several years ago. DWAC stock sank 19% in Wednesday’s market trading. Shares shot up almost 70% Monday on news Trump will…
