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Trump Fans Are Making DWAC the Best-Performing SPAC of Its Kind (1)

Feb. 14, 2022, 5:18 PM

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.

The stock dropped to ...