PanamaTimes

Thursday, Mar 28, 2024

Donald Trump's launch of $99 NFTs sparks 10% decline in Digital World SPAC linked to Truth Social

Donald Trump's launch of $99 NFTs sparks 10% decline in Digital World SPAC linked to Truth Social

Former President Donald Trump's launch of $99 digital NFTs failed to gin up excitement among investors in the Digital World Acquisition SPAC that is seeking to merge with Trump's Truth Social.
Shares of Digital World Acquisition initially spiked as much as 10% on Wednesday after Trump teased a "major announcement." The stock has had a knack for rallying ahead of anticipated Trump rallies and other developments related to his 2024 re-election bid. 

But Digital World stock gave up all of those gains on Thursday after the "major announcement" turned out to be the launch of the 'Donald Trump Digital Trading Card Collection' at a time when the crypto and NFT market has been decimated.

"These limited edition cards feature amazing ART of my Life & Career! Collect all of your favorite Trump Digital Trading Cards, very much like a baseball card, but hopefully much more exciting... Only $99 each! Would make a great Christmas gift. Don't Wait. They will be gone, I believe, very quickly!" Trump posted on Truth Social.

Instead, investors likely wanted to hear from Trump either something related to his run for the US Presidency in 2024, or perhaps even more importantly, developments related to Truth Social and their pending merger with Digital World Acquisition.

The SPAC has so far been unable to obtain the necessary amount of shareholder votes to approve their proposed merger with Trump's social media company and Twitter competitor. Instead, the SPAC secured enough votes to delay its merger deadline with Truth Social until September 2023.

If the SPAC fails to complete the merger by then, it will have to refund its investors $10 per share. The stock currently trades at around $20, suggesting 50% downside from current levels if the deal doesn't go through. 
Comments

Oh ya 1 year ago
I have read that sometimes older people revert back to childhood. This must be a example

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×