Digital World Acquisition Corp. (DWAC), the so-called “blank check” organization formed to merge with the parent company of Donald Trump’s digital platform Truth Social, is close to sealing a deal to get a $50 million in financing, giving the group a lifeline while it attempts to finalize terms of the merger, Reuters reports.
The deal involves convertible notes that would fund the acquisition of Trump Media & Technology Group. Shockingly, DWAC shares have tripled in the weeks since Trump won the Iowa caucuses, raising questions about who is buying the stock and what purpose do they have to ingratiate themselves to Donald Trump.