Take $18K Profits for a Grand Total of $35K, our Recommended DWAC Short*
We’re recommending taking profits on our recommended short, assuming a stronger-than-expected Republican election win will set off a rally as MAGA investors cheer and Trump announces he’s going to run for President in 2024 by buying shares of this train wreck of a company.
On August 8, 2022, we recommended shorting 3,000 shares of Digital World Acquisition Corp. (NasdaqGM: DWAC) at $30.80 a share. *
After then, on August 23, 2022, we suggested that another 1,000 shares be sold short at a price of $30 a share.*
On September 6, 2022, we recommended recording some gains on a part of the short position involving liquidating 2,000 shares; we pocketed the money. It finished the day at a price of $22.13, which resulted in a profit of $16,940 prior to taking into account any trading expenses or charges that may have been incurred.
We currently have 2.000 shares left in that position at an average cost of $30.60 a share. With DWAC trading at about $21.48, we recommend taking the profit and stepping aside and taking the $18,240 on the remaining 2,000 shares again before brokerage fees and commissions.
The company is holding a shareholder’s meeting tomorrow and will either disclose that they haven’t met the 65% approval by stockholders or once again or will extend the vote. There’s always the chance that the company reports on the SEC criminal and civil investigation that’s been underway.
If they do have the shareholders’ approval and get the SEC’s approval for the merger, we could see DWAC rally to $26, even $32 a share. Please don’t get sucked into the long side. We don’t believe the merger will be completed by the December 6, 2022, deadline. This means that after a possible rally, this stock has a good chance of dropping to the $10+ a share level they will have to return to their shareholders. That would give us another shorting opportunity to make $1. No matter what, DWAC isn’t going to thrive and may not survive as a public or private company.
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*Past performance is not a guarantee of success. You can lose all your money trading and invest in stocks. All trades are hypothetical, and individual results will be verified during entry and exit. Investing and especially speculating in stocks, equities, and options by buying or shorting shares, going long or short using options can result in losing all monies used to speculate or invest.