DWAC stands for Digital World Acquisition Corp. With this firm being a SPAC (Special Purpose Acquisition Vehicle), the DWAC stock forecast depends entirely on whether its planned merger with Trump Media & Technology Group goes through. However, the company’s stock is still heavily influenced by Trump’s movements, which can make the DWAC share price relatively volatile.

To buy DWAC stock, investors will need to sign up with an online broker. With the spotlight on two reputable brokers, we highlight where to buy DWAC stock with zero commission.

Buying DWAC Stock — An Overview

  1. ✅ Step 1: Open an account with a regulated broker –  Select a regulated, trusted broker then enter a few personal details to kick off.
  2. Step 2: Verification – Onboarding with any online broker involves providing some ID. Most will take the investor through the process with on-screen instructions.
  3. Step 3: Deposit – A range of payment methods are usually available, including bank transfer, credit/debit card and e-wallets.
  4.  Step 4: Search for DWAC Stock – Pinpoint DWAC from among the broker’s stocks by using the search function.
  5. Step 5: Buy DWAC Stock – Time to take the plunge. With fractional share investing, many brokers allow investors to stake as little as $10 on stocks and ETFs.

Step 1: Choose a Stock Broker

Whichever companies stand out as potential investments, the question of where to buy stocks is key. Importantly, there are a few areas to consider:

  1. Regulation
  2. Commissions
  3. Spreads

1: Thorough Regulation

Regulation by a financial authority means that a broker is overseen as it conducts its business. The idea is to keep investors safe from fraud and company collapse.

In the US, brokers like Webull are regulated by the Securities and Exchange Commission (SEC). Both these brokers are also signed up to the Securities Investor Protection Corporation. This gives investors compensation coverage of up to $500,000.

2: Zero Commission on Stock Transactions

Commission is a fee that some online brokers charge on stock transactions. It works on a percentage basis. So if an investor were to spend $100 on one of the most popular oil stocks and the commission charged was 2%, the investor would be charged $2 to make the transaction.

3: Tight Spread Fees

Spread fees are a trading fee (like commission) charged by all brokers. They are not charged, though, as a separate fee. The spread is rather the difference in the buy and sell price of a specific asset.

Hence, the investor can only buy a stock at a slightly higher price than the list price. And the stock may then only be sold back to the broker at a price slightly lower than the list price.

The difference between this buy (bid) price and sell (ask) price is called the spread or spread fee. This is how the broker makes money on the trade.

The tighter the spread fee, the less difference there is between the bid and ask price. Thus, the tighter the spread fee, the less money the investor loses on a ‘return’ trip of buying and selling the stock.


webull logo Webull is an online broker headquartered in New York. It has been in business for a reasonably short time, yet manages to compete on a number of key levels.

Investors exploring buying DWAC stock will be pleased, first and foremost, that Webull offers zero commission on share transactions. (But watch out for a withdrawal fee for bank transfers of $25).

What’s more, Webull offers more shares to trade than many major brokers, with a selection of 5,000+. A slight issue here, though, is that the vast majority of Webull shares are US-only. Adventurous investors may find this limiting.

Certainly when it comes to the range of other financial assets on offer, Webull is not limiting. ETFs are available, as well as options trading and OTC (Over-The-Counter) trading for investors wanting to browse penny stocks and more. IRA accounts are available too. But, Webull limits margin trading to special accounts with a minimum holding of $2,000.

A key perk available with Webull is its extended hours trading. This means investors wanting to buy stock in DWAC can do so before the market opens and after it closes. More sophisticated market ordering is available than on some other brokers. And another standout feature of Webull is the positive reception it has received for its cellphone trading app. Android users rate this on average 4.4/5 on Google Play. And Apple users on the App Store have given it an impressive average rating of 4.7/5.

Number of Stocks: 5,000+
Pricing System: No commission; spread only
Cost of Buying DWAC: Variable spread

webull logo

Your capital is at risk. 

Step 2: Research DWAC Stock

Research is important with any stock. This is particularly the case with DWAC, as since DWAC is linked to the Trump Media and Technology Group, it has a political element. This can be distracting. Smart investors would do well to ignore the politics and get down to the financial nitty-gritty.

What is DWAC

  • DWAC stands for ‘Digital World Acquisition Corp’.
  • The company was incorporated in 2020.
  • DWAC is based in Miami, Florida.


DWAC is a Special Purpose Acquisition Company (SPAC) — otherwise known as a ‘blank cheque company’. This means that it was specifically founded with the purpose of finding another established company and reverse merging with it in order to take the combined companies public.

In October 20, 2021, DWAC announced that it planned to merge with the Trump Media And Technology Group (TMTG). The deal was expected to be concluded by the end of 2022. But, thanks to an ongoing SEC probe, the reverse merger is in doubt.

As noted in a recent article by The Huffington Post, investors have backed out of $139 million in commitments following DWAC’s deadline miss. Although the deadline has been extended several times, there’s a real possibility that DWAC could be liquidated if things aren’t sorted out soon.

At the time of writing, DWAC’s shareholders are scheduled to vote on the proposed merger with TMTG on November 22nd. However, rumors are abound that the vote could get delayed until December 8th if too few shareholders state their approval for the merger.

DWAC Stock Price — How Much is DWAC Stock Worth?

At the time of writing, the  DWAC stock price is hovering around the $26.70 level. This is a 168.62% increase from the stock’s debut price of $10.

DWAC price chart

DWAC Stock History

  • All SPACs are listed initially at $10 a share. DWAC came to market in late September 2021.
  • On news of a possible merger with TMTG, DWAC stock peaked intra-day at $170 per share on 25th October, 2021.
  • The price then fell to below $40 by late November, 2021.
  • The planned launch of TMTG’s Truth Social network inspired investors to pile into the stock. The price rose to a 2022 high of $98.02 by the end of February.
  • With the flopped launch of Truth Social on the App Store on February 28th, 2022, the DWAC stock price fell sharply.
  • Apparently finding some support around the $37 mark over the course of April and May, the stock then tanked on news that the DWAC board had been issued subpoenas by a Federal Grand Jury.
  • The DWAC share price has continued to fall in the months following this, plunging to the $17.80 level in October 2022.
  • However, the DWAC share price then surged by 66% following rumors that Donal Trump would be running for election in 2024. Although this hasn’t been confirmed at the time of writing, the rumors brought DWAC into the limelight, helping generate bullish momentum.

DWAC Stock: Two Key Financial Metrics

Brokers provide detailed financial stats on each company that it features. DWAC is no exception. On the DWAC homepage we can find a financial overview as well as income statements and a balance sheet summary.

DWAC eToro

From this selection, investors can pick out two financial metrics: EPS and P/E Ratio.

For most stocks, these two metrics are among many key indicators of the financial health of a company. But SPACs (like DWAC) are different. Investors figuring out buying DWAC stock should be clear that, with SPACs, financial fundamentals are nowhere near as important as merger news.

Table: 3 Key Financial Metrics to Assess Any Stock
Metric Definition Shows
EPS (Earnings Per Share) Profit divided by number of shares outstanding How much profit a company is making
P/E Ratio (Price/Earnings Ratio) Price of a share divided by EPS How much the company is valued at by the markets

DWAC EPS (Earnings Per Share): N/A

As a SPAC stock, DWAC has generated no earnings. A SPAC stock is a financial vehicle only. It is not expected to generate revenues.

DWAC P/E Ratio: N/A

With no earnings and no intention of making any until post-merger, DWAC has no P/E ratio.

DWAC Stock Dividends

DWAC does not qualify as a dividend stock because it never has paid dividends. If the merger with TMTG goes through, the resulting stock (likely to bear the ticker ‘TMTG’) may or may not issue dividend payments.

Investors wanting to check out dividend stocks will need to look elsewhere. An example of a dividend stock is AT&T, the leading telecoms provider in the US. Arguably one of the most popular tech stocks, AT&T has saddled itself with a staggering $180bn in debt but has managed nonetheless to increase its annual dividend payout every year since its IPO in 1984.

Factors Affecting DWAC Stock

Buying DWAC stock is a moot question unless the investor is convinced that the stock is worth buying. On the plus side, DWAC is well-funded and is set to benefit from global recognition for its senior management should it merge with its chosen target, TMTG:

DWAC is Well Funded

  • According to Yahoo Finance, DWAC has $293m in assets ready to invest in the company formed when it merges with its target.
  • On December 04, 2021, DWAC and TMTG announced $1bn in PIPE investment from institutional investors. PIPE investment means ‘Private Investment in Public Equity.’ However, as of October 2022, nearly 20% of this investment has been lost due to investors backing out.

Should a merged company arise, it will have at least the beginnings of a war chest.

Global Recognition for Management

Love him or hate him, everybody knows who Donald Trump is.

  • Ex-US President Trump is the founder of the Trump Media & Technology Group which DWAC aims to merge with and thus take onto the public market.
  • Putting politics to one side (which is always sensible when making investment decisions), the DWAC stock price has always benefitted from its link to ex-US president Donald Trump. Wider public awareness has led to the DWAC stock being pumped at various points on key DWAC stock news.
  • The current DWAC CEO, Patrick Orlando, has no public profile.

Rumors have abounded that Trump would be running for election once more – yet these rumors are unfounded at the time of writing. Naturally, whenever rumors like these arise, it has a dramatic impact on the DWAC share price. This is due to the inextricable link between Trump and the company.

Trump DWAC

If Trump were to run for office, there’s a high likelihood that he would tap into Truth Social even more. Again, this would be good news for DWAC (and its shareholders) as it would increase the chances of the merger with TMTG going through. Since this is the overarching goal for DWAC, any media attention related to Trump’s potential candidacy is good publicity.

On the negative side, two key questions need to be answered regarding the planned DWAC/TMTG merger and TMTG’s flagship product, Truth Social.

Will DWAC survive the ongoing SEC enquiry

Potentially damning DWAC to the status of a dog stock is the current SEC investigation. The suspicion is that DWAC spoke to TMTG about a possible merger before raising funding for DWAC. For a SPAC stock to explore possible merger targets before launching is a crime.

  • In a December, 2021 SEC filing, DWAC announced that the SEC had launched an investigation into DWAC stock trades and communications prior to the merger being declared in October 2021.
  • In a June 2022 SEC filing, DWAC announced that a Federal Grand Jury of the Southern District of New York had issued subpoenas to each member of DWAC’s Board of Directors. The request was for further information relating to the SEC probe started in 2021.
  • On Friday 24th June, DWAC issued an acknowledgement of this legal action. The firm warned the market that the planned merger with TMTG was under threat: ‘These subpoenas, and the underlying investigations by the Department of Justice and the SEC, can be expected to delay effectiveness of the Registration Statement, which could materially delay, materially impede, or prevent the consummation of the Business Combination.’
  • DWAC shares fell by 9.6% on the following Monday 27th June. This indicates that the market has a gloomy outlook for DWAC’s chances of surviving the SEC probe with the merger intact.
  • Since then, William Wilkerson, a Truth Social whistleblower, has came out and stated that he believes the company will go bankrupt “one way or another”.

Will Truth Social Achieve its Targets?

TMTG’s flagship product is the social network Truth Social which launched in February, 2022. Similar to Twitter in format (but not political emphasis), Truth Social is widely-thought to be a rallying point for Trump supporters in the US, rather than the ‘Big Tent’ of diverse political opinions that it professes to be.

Truth Social is part of a threefold roll-out by TMTG. After Truth Social will come a subscription video-on-demand service, followed by a podcast network.

The social network started out with some ambitious targets:

  1. A total of 16 million users in 2022.
  2. 81 million users (with 40 million paying subscribers) plus an average revenue per user of $13.50 by 2026.

But the Truth Social launch has been plagued with technical difficulties:

  • The social media app was only available to Apple users until May 2022.
  • Since then, it has been made available via browser.
  • The mobile app was removed from the Google Play store, yet was reinstated in October 2022 following some modifications.

As a result, would-be users were placed on a registration wait queue numbering over a million applicants. And Truth Social has thus failed to impress so far in terms of consumer take-up:

  • According to reports, Truth Social has around two million active daily users. This compares unfavorably to market leader Twitter’s daily user base of over 200 million. Business Insider said that Truth Social was ‘like a conservative ghost town that had been overrun by bots.’

Step 3: Open an Account and Buy DWAC Stock

Signing up with an online broker and buying stock (or other financial assets) generally follows the same format:

  1. Sign up
  2. Verify ID and Address
  3. Deposit Funds
  4. Search for DWAC Stock
  5. Buy DWAC Stock

Below we outline how this onboarding process works with an online broker.

1: Sign up

  • Head to the chosen broker’s website.
  • Supply a few personal details.
  • Set a password and user name.
  • Tick the boxes when happy with the related information.
  • Press the ‘Create Account’ button.

2: Verify ID

Regulated brokers  can give investors a protected investment experience because they follow KYC (Know Your Customer) regulations.

This means that investors must provide scanned ID proving who they are and where they live. Investors complain with some brokers that this process, which is usually automated, can be tiresome.

3: Deposit Funds

Once verified, investors can sign into their new account. Press the ‘Deposit Funds’ button on the account dashboard. Next, investors can choose their deposit method and simply enter how much money they want to deposit.

  • Deposit times vary according to the method used.
  • Investors should use credit/debit card for fastest deposit times.

4: Search for DWAC Stock

Investors can pinpoint DWAC stock immediately from among the brokers stocks by entering the DWAC stock ticker ‘DWAC’ in the toolbar.

Press the DWAC logo to access the DWAC homepage. Here investors can usually access a newsfeed on DWAC as well as financial stats and charting options.

Press the ‘TRADE’ button to head straight to buying DWAC stock.

5: Buy DWAC Stock

To execute their DWAC stock purchase, the investor need only enter how much the wish to invest in DWAC stock and then confirm the investment.

  • Most brokers provide onscreen confirmation of the successful trade.
  • Investors may review their freshly-bought DWAC stock in their portfolio.

DWAC Stock Strengths and Weaknesses

In the case of DWAC, the stakes are high; given its inherent riskiness as a SPAC stock and the ongoing SEC investigation, investors should recognise that DWAC is certainly a high-risk stock. But, of course, high-risk stocks can potentially generate high rewards.

SELL: Danger of DWAC Default

DWAC faces a threat common to all SPAC stocks. If its stock price returns to the value it was issued at initially – which is $10 for all SPACs – the company is rolled up and investor funds returned. Moreover, if DWAC’s shareholders don’t agree to the merger in the coming weeks and months, the company will be liquidated.

What’s more, in the near future, DWAC stock is unlikely to rise substantially due to the SEC’s investigation. This is because investors are fearful that the SEC will rule against DWAC, making the company obsolete.

BUY: Three Reasons Why There is Hope for DWAC

Joel Baglole perhaps rather overstates the case when he writes in June, 2022 at investorplace.com that, ‘There’s no good news related to Digital World Acquisition Corp. or its planned reverse merger with Trump Media and Technology Group … The only thing worse than the headlines is the performance of DWAC stock.’

Stock App Rating

For one thing, TMTG’s Truth Social app has received a high average rating on the App Store of 4.5/5 from its users. Despite the scalability issues plaguing the app, at least its existing users are happy. Moreover, the app has received more attention recently due to the increased focus on censorship by other social media platforms.

The Musk Factor

Secondly is the ‘Musk Factor’. Elon Musk has recently taken over Twitter, which has placed the whole raison d’etre of right-wing Truth Social under question. Musk appears to have a strong focus on free speech and reinstating banned accounts – of which Donald Trump is one.

However, Trump has recently stated that he has no intention of returning to Twitter, as he “likes” Truth Social. Whether Trump keeps this stance remains to be seen, but for now, this means Truth Social maintains its figurehead and its popularity.

DWAC SEC Probe: Companies Have Survived Worse

Thirdly, investors researching about buying DWAC stock should bear in mind that companies do recover from situations which, at the time, look impossible.

The stock of US rental firm Hertz, for example, hovered beneath the $2.50 mark for the second half of 2020 whilst it was in bankruptcy proceedings — but, having secured new investment, rebounded to an intra-day high above the $45 mark in late October 2021. Hertz’s stock chart below shows its dramatic reversal of fortunes:

DWAC’s current legal woes may be fully priced into its share price. If the news improves, though, the stock price is likely to rise.


When it comes to buying Digital World Acquisition Corp stock, we have shone the spotlight on Webull.

Investors can always look forward to picking up new stocks with a large broker as well as benefitting from the powerful possibilities of advanced and unique features.

Investing in DWAC stock is ultimately down to the individual investor. As always, it’s important to complete independent research and always have solid risk-management guidelines in place before entering the market.


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