Merger facilitator Digital World Acquisition Corp (NASDAQ:DWAC) was on top of the world the other day when former President Donald Trump teased a big announcement to come. When that announcement came out, it proved gravely disappointing…unless you stuck around for all of it. Now, Digital World is down once more after the announcement – after the fallout that sent several members of Digital World’s top brass heading for the door.
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Last Friday, the company lost its CFO, Luiz Philippe Braganza. Braganza left before the big news dropped. That leaves some doubt over just what prompted him to leave to begin with. Two board members also looked to depart. November 28 brought word that board member Lee Jacobson was out, and board member Rodrigo Veloso also looked to leave as of last Friday.
That kind of departure rate suggests little confidence in the company itself. The latest announcement from Trump, meanwhile, didn’t help either. Trump revealed a set of digital trading cards featuring himself in highly-idealized positions. These included himself as a superhero with energy beams firing from his eyes. That move left many nonplussed. The revelation that followed about plans to address free speech issues (should Trump manage to be re-elected president when he runs again in 2024) was quickly overshadowed by the line of digital merch.
The company is currently down 80% since its 52-week high back in March. It enjoyed a brief upward spike in the early days of 2022 but was generally in decline ever since March.
