Investing

Trump Fans Are Making DWAC the Best-Performing SPAC of Its Kind

Owning the stock can be a ‘badge of honor’ for supporters betting on the ex-president’s new media company.

Trump supporters hold signs at a protest during the 2020 Presidential election in Detroit, Michigan.
Photographer: Emily Elconin/Bloomberg

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By Sophie Alexander, Claire Ballentine, and Noah Buhayar

February 12, 2022 at 2:46 PM UTC

Updated on

February 14, 2022 at 5:18 PM UTC

This article is for subscribers only.

In a cooling market for SPACs, the shell company tied to Donald Trump’s new tech and media venture has recorded outsized stock gains. Supporters such as Rafael Morales help show why.

“This is a bigger calling — this is my man Trump about to roll out a company,” Morales, a 40-year-old military veteran from New York City, remembers thinking when he first heard about Digital World Acquisition Corp. He bought almost $100,000 worth at about $109 a share on Oct. 22, two days after the company announced a deal to merge with Trump Media & Technology Group.