Digital World Stocks Price Rises after Trump Teases 2024 Election Run

• Digital World Acquisition rose 31% Monday after ex-President Donald Trump hinted at a 2024 presidential run.
• There has been speculation that Trump might announce his formal bid for the presidency in the latter part of this month.
• The Digital World SPAC still has difficulty obtaining enough shareholder votes for Truth Social to close the acquisition.

Digital World AcquisitionStocks rose as high as 31% Monday, as speculation grows that ex-President Donald Trump will launch a campaign in 2024 for the White House sometime later this month.

Trump stated about the 2024 election at a Florida rally on Sunday: “It will probably be necessary to do it again. However, stay tuned.” To the New York TimesSeparately, a Axios ReportTrump’s team was said to be discussing the possibility of launching his 2020 election campaign in November 14.

Digital World is a SPAC which is set to merge with Trump’s Truth Social Media Platform if it receives enough shareholder vote. The Shareholder vote was postponed to November 22If the SPAC doesn’t get enough votes this month, it could again adjourn its vote until December 8, if necessary.

If the SPAC fails to win enough shareholder votes for Truth Social to merge, it will have to close down and return all the money it raised. 

Digital World has experienced a turbulent year with its stock falling 66% and nearly 80% year-to-date from its 52 week high. The SPAC has been hit by uncertainty over whether or not it can close the merger with Truth Social and new ownership at Twitter.

Since its inception, the SPAC has been experiencing a steady downtrend. Elon Musk made an announcement about his bid to buy TwitterAfter Musk’s $44 billion deal was finalized, losses increased in April. Musk has indicated that he will close the $44 billion deal for the social media platform. He will review the permanent suspensionThere are many Twitter accounts and this could include Trump.

Trump could be allowed to return to Twitter and the appeal of alternative social media platforms could diminish for investors as well.