Shares of Digital World Acquisition Corp. (NASDAQ: DWAC) were in focus on Friday as former President Donald Trump was indicted on seven federal criminal charges including include false statements, conspiracy to obstruct, and willfully retaining documents. Trump has been charged in violation of the Espionage Act after the former President retained several classified government documents at his Mar-a-Lago home in Florida after leaving the White House.
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Trump disclosed the charges in a series of posts on his social media platform, Truth Social on Thursday evening. The former President has been summoned to appear in a court in Miami on Tuesday.
This news comes even as Trump is seeking a Republican presidential nomination in 2024 and is the only U.S. President, former or otherwise, to be criminally charged. He is also under criminal investigation by the Department of Justice regarding his efforts to reverse his loss to President Joe Biden in the 2020 election.
Any news about Trump has seen some wild swings in DWAC stock as the special purpose acquisition company (SPAC) owns the Truth Social platform. The stock has tanked by more than 70% in the past year and received a delisting notice from Nasdaq last month.
Rumble Could be in the Spotlight Following Trump Indictment
Another conservative social media platform, Rumble (RUM) could be in the spotlight on Friday and was on an upswing in pre-market trading at the time of publishing. This platform is a competitor to Trump’s Truth Social and could see some strong user engagement today following the news of Trump’s indictment.
RUM stock has soared by more than 50% year-to-date.
