In the morning trading on the 22nd, DWAC was suspended several times due to excessive fluctuations. The stock soared more than 300% on the 21st, becoming the most active stock on the Fidelity trading platform; on the 22nd, DWAC skyrocketed again by 216%, becoming the stock with the largest trading volume. At the close of trading on the 21st, DWAC reached $35.54 per share.
According to external analysis, small retail investors are likely to be behind the surge in DWAC, because the stock is a hot topic on Twitter all day. And the WallStreetBets sub-forum also has a large number of popular posts such as DWAC, Trump and the border wall. Earlier this year, the main driver of so-called “memory stocks” such as GameStop and AMC was also the WallStreetBets sub-forum.
One user also posted a special thank you to Trump on the forum. He said: “Thank you Donald Trump, yesterday (my DWAC stock) made $17,000.”
At the beginning of this year, after the congressional shock incident broke out, Twitter disabled Trump’s account. At that time, Trump had more than 88 million Twitter followers. In July, Trump sued the top executives of high-tech companies such as Twitter, Facebook, and Google, accusing them of illegally blocking conservative views.
Trump said in a statement on the 20th that he created his own social media platform to “stand up and fight back against the tyranny of Silicon Valley’s major technology companies.” He said: “We live in a world where the Taliban is rampant on Twitter, but everyone’s favorite US president is silenced. This is unacceptable.”
It is expected that Trump’s “real community” platform will be launched in a beta version in November this year, and guests will be invited to participate in the trial operation. The platform will be officially launched in the first quarter of next year. In addition, Trump also plans to launch a subscription video-on-demand (VOD) service to cover “politically incorrect” entertainment.
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