DWAC Falls With Trump 2024 Losing Steam After Midterms

Like his loss in 2020, Former US President Donald Trump isn’t accepting that the predicted “red wave” in the midterm elections that would supposedly set up his comeback in 2024 did not materialize. He reportedly lashed out and blamed everyone but himself in this downfall, including either the Republican candidates he backed or the public voters who did not vote for them.

But another loser in this year’s midterms is not a candidate but equally relevant: blank check firm Digital World Acquisition Corp (Nasdaq: DWAC), who is trying to close a merger deal with Trump Media and Technology Group (TMTG) to take it public. The SPAC lost as much 26% in its share price since the elections on Tuesday.

READ: Bye, DWAC? Donald Trump’s TMTG Reportedly Looking To Merge With Parler, Rumble

Trump lashed out on his social media platform Truth Social, castigating mainly a supposed frontrunner as the Republican presidential nominee in 2024, Florida Gov. Ron DeSantis. The reelectionist recently won the gubernatorial race, which many predict to be a launchpad for a White House run in two years.

The former president claimed that “Ron DeSanctimonious is playing games,” now that he has a shot at a presidency, as Trump narrated how the Florida governor came to him “in desperate shape” needing help in his then first gubernatorial run.

“The Fake News asks him if he’s going to run if President Trump runs, and he says, ‘I’m only focused on the Governor’s race, I’m not looking into the future.’ Well, in terms of loyalty and class, that’s really not the right answer…” Trump posted on Truth Social.

For the candidates he backed that are projected to lose the elections, Trump tried to blame them or the state voters and not himself. Don Bolduc, a Trump-backed Republican from New Hampshire, was defeated by Sen. Maggie Hassan; in Arizona, Trump-endorsed Republican Blake Masters is trailing Sen. Mark Kelly.

“Don Bolduc was a very nice guy, but he lost tonight when he disavowed, after his big primary win, his longstanding stance on Election Fraud,” Trump said. “Had he stayed strong and true, he would have won, easily.”

Denying the results of the 2020 elections seems to be one of Trump’s requirements for a candidate before handing his endorsement, but many Republicans are trying to stay away from the narrative. 

In Pennsylvania, David McCormick was a potential Republican nominee for the senate race, but he wouldn’t fall in line with declaring the 2020 election stolen, so Trump endorsed Republican Mehmet Oz instead. Still, this wasn’t enough to score a win against John Fetterman. While the state is traditionally blue, the latter was supposed to be an easy target for Republican talking points and he’s also recovering from a stroke.

“Pennsylvania is a very corrupt state with voting, but nobody ever wants to check that,” Trump said on Truth Social. “How does Oz (smart guy!) lose to a guy who can’t string together two sentences?”

Trump-backed Doug Mastriano, who ran for governor of Pennsylvania, also lost by around 14 points.

But like what Trump said, if these endorsed candidates win, he “should get all the credit” but he shouldn’t be blamed when they lose.

Who else did Trump blame?

After the election results started showing clear winners, many prominent Trump supporters–both elected officials and media personalities–are seeing that a 2024 comeback for the ex-president should be shelved. Many advisers within his circle are reportedly telling him to delay his supposed announcement of his presidential run.

According to a tweet by New York Times reporter Maggie Haberman, Trump “is blaming everyone who advised him to back Oz — including his wife, describing it as not her best decision,” according to people close to him.

Trump, however, belied the news, calling out the media outfit by commenting “Failing New York Times” and “third-rate reporter Maggie Hagaman [sic].”

“First of all Oz is a wonderful guy who really worked hard and was a very good candidate, but he WAS LONG IN THE RACE before I ever endorsed him… he was not a “denier” (his mistake!), [and] I was not at all ANGRY. Fake news!” Trump posted.

Fox News, Trump’s resident turf when he was president, has also been the subject of his ire, dubbing the outfit “Fake News.”

“For me, Fox News was always gone, even in 2015-16 when I began my ‘journey,’ but now they’re really gone,” he added.

But who did blame Trump?

Former allies and supporters are slowly getting off the Trump train, realizing that the ex-president might be further dividing the Republican base than solidifying it–with the midterm election results clearly depicting the losing grip of the businessman-turned-politician.

Subtly, mogul Rupert Murdoch seems to be distancing from his once pal Trump, with his publications packaging DeSantis as the future of the Republican party.

Of course, Trump wouldn’t let it pass without a berating, clamping down on Murdoch’s titles and DeSantis himself. In his litany, at the risk of incriminating himself, he alleged that he sent the FBI and the US Attorney’s office to stop a “ballot theft” that was supposed to lose votes for DeSantis.

Conservative commentator Michele Tafoya relayed on Fox News’ Outnumbered that she wrote Trump a letter asking him not to run again in 2024.

“Some of the Trump backed candidates struggled and some of it had to do with the election denialism. I wrote an open letter to Donald Trump. It says, please Mr. President, don’t run again,” Tafoya said.

On the other hand, Laura Ingraham seemed to be referring to him when she told her audience: “The populist movement is about ideas. It is not about any one person. If the voters conclude that you’re putting your own ego or your own grudges ahead of what’s good for the country, they’re going to look elsewhere, period.” 

Among politicians, Virginia Lt. Gov. Winsome Sears is one of the few who publicly announced she wouldn’t support Trump should he decide to run, saying “a true leader understands when they have become a liability,” referencing the losses of Trump-backed candidates in the midterms.

“A true leader understands that it’s time to step off the stage, and the voters have given us that very clear message… I could not support him,” Sears said.

But so far, the biggest turnaround might be coming from Trump’s former Secretary of State Mike Pompeo. The latter tweeted a cryptic insinuation that the ex-president’s rant on Truth Social might not be the path to gaining a solid conservative base.

Where does this leave DWAC?

DWAC spiked around 24% earlier this week on news of Trump’s possible run for the 2024 presidential election. But it has also fallen much more after the midterm election results rolled in.

With advisers telling Trump to delay the official announcement, some of the investors are keen on when it would be, observing that the ex-president’s political ambitions seemed to be heavily tied to the SPAC’s share price.

As for the merger deal, the blank check firm has failed to secure shareholders’ approval on the firm’s proposed 12-month deadline extension to complete a business combination, despite many attempts.

The deal, first announced in October 2021, is facing regulatory hurdles: the SEC is scrutinizing the merger, particularly the SPAC sponsor ARC Capital and the possible dealings between DWAC and TMTG before the merger. FINRA also sent the blank check firm “preliminary fact-find inquiries” related to trading in the company that occurred prior to the transaction with TMTG being announced.

Trump already said he could keep TMTG and Truth Social private since he’s “really rich” and “doesn’t need financing.” Imagine what would happen if he becomes engrossed in a run for the White House once again.

Information for this briefing was found via The Wall Street Journal, Raw Story, Vanity Fair, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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