Shares of Digital World Acquisition Corp are down Tuesday morning following the FBI’s raid of Mar-A-Lago.
Why Is It Moving?
On Monday night, former President Donald Trump shared that the FBI had raided his Mar-o-Lago estate in order to fulfill a federal search warrant on the property.
Trump said in a statement issued by his Save America political committee: “These are dark times for our Nation, as my beautiful home, Mar-A-Lago in Palm Beach, Florida, is currently under siege, raided, and occupied”
It is now believed that the search warrant is part of an ongoing investigation into the former President's possible mishandling of presidential documents. It is believed that after leaving office in January 2021, Trump took more than a dozen boxes of presidential documents, some of which were classified, to Mar-A-Lago instead of turning the papers over to the National Archives.
Since late 2021, it is believed that Digital World Acquisition Corp and Trump’s Truth Social would be merging with one another. While the official merger has been delayed due to a federal investigation into the deal according to Forbes, the stock has still been linked to the former President since the announcement was made that a possible merger was in progress.
Price Action: Shares of DWAC are down 2.86% as the price has fallen to $29.92 during Tuesday's pre-market session.
