Monday, April 25:Digital World Acquisition (DWAC) stock fell 17% after news broke that Elon Musk may acquire Twitter for $43 billion. There is speculation that Musk may ease restrictions that have led some users to seek alternate sites like TRUTH Social.
Monday, April 4:Digital World Acquisition (DWAC) stock fell around 13% after 2 executives left the company and news broke that Tesla founder Elon Musk has purchased a 9.2% stake in Twitter. Like former President Trump, Musk has publicly criticized Twitter.
Tuesday, Feb. 22: Shares of Digital World Acquisition (DWAC) soared by as much as 61% in pre-market trading Tuesday after Truth Social launched just days earlier over Presidents’ Day weekend. The stock faded lower during Tuesday’s trading session but ended the day up 10%.
Thursday, Jan. 6: Shares of Digital World Acquisition (DWAC), the SPAC that will bring Trump Media and Technology Group public, shot up 20% on news that an app connected to the venture plans to launch Feb. 21. The app, Truth Social, noted in the Apple app store that launch is expected on that date.
Tuesday, Dec. 7: Longtime GOP Rep. David Nunes will leave Congress to become CEO of Trump Media and Technology Group, the company announced.
Monday, Dec. 6: Federal regulators are looking into the deal to bring Trump Media and Technology Group public, the SPAC it will merge with said in an SEC filing. The issue is apparently whether talks between the two occurred before they were allowed, according to press reports.
Trump Media and Technology Group, owned by former US President Donald Trump, will be going public after merging with Digital World Acquisition Corp., a special purpose acquisitions company (SPAC).
Here's what we know about the deal so far and how to buy Trump Media and Technology Group stock in Canada when the company goes public.
Finder's top picks on where to buy Trump Media and Technology Group stock when it goes public
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What we know about the Trump Media and Technology Group IPO
On Wednesday October 20, 2021, former US President Donald Trump announced that Trump Media and Technology Group (TMTG) will be going public by merging with Digital World Acquisition Corp., a special purpose acquisition company (SPAC). The date of the merger, stock symbol and proposed stock price have not yet been announced.
TMTG is looking at receiving $293 million currently held in trust by Digital World Acquisition. The deal would also give TMTG a market valuation of $1.7 Billion.
Trump plans to use TMTG to launch a subscription video-on-demand service and support Trumps' newly-launched social media platform called "TRUTH Social." According to the Apple App Store description, TRUTH Social is designed to encourage "an open, free, and honest global conversation without discriminating against political ideology."
Digital World Acquisition Corp. went public on September 7, 2021 on the Nasdaq Global Market under the ticker symbol "DWAC." The IPO grossed $287.5 million from the sale of 25 million stocks at a starting price of $10.00 each.
Following the merger announcement, Digital World Acquisition stock jumped by 357%. DWAC stock experienced 2-day gains of more than 800% following a Trump rally in October. Episodes like these have come to be known as the "Trump effect."
We'll update this page as more information becomes available.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
How to buy Trump Media and Technology Group stock when it starts trading
Once Trump Media and Technology Group goes public, you'll need a brokerage account to invest. Consider opening a brokerage account today so you're ready as soon as the stock hits the market.
Compare stock trading platforms.Use our comparison table to help you find a platform that fits your needs.
Open your brokerage account.Complete an application with your details.
Confirm your payment details.Fund your account.
Research the stock.Find the stock by name or ticker symbol and research it before deciding if it's a good investment for you.
Purchase now or later.Buy your desired number of stocks with a market order or use a limit order to delay your purchase until the stock reaches a desired price.
Will I be able to buy Trump Media and Technology Group stock in Canada?
You won't be able to buy Trump Media and Technology Group stocks on a Canadian stock exchange like the TSX. Instead, you need a Canadian broker that provides access to international stock exchanges.
Interactive Brokers provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
Compare special offers, low fees and a wide range of investment options among top trading platforms.
Note: The dollar amounts in the table below are in Canadian dollars.
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Tax implications of buying US stocks in Canada
Canadians who earn dividends from US stock investments must pay the US Internal Revenue Service (IRS) a 15% withholding tax on their earnings. The rate goes down to 10% for bonds and other interest-yielding US investments.
An exception is made for stock investments held in trusts designed to provide retirement income. This includes RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs that hold US stocks, bonds or ETFs are also exempt from US withholding tax. RESPs, TFSAs and RDSPs are not exempt.
Canadian and international investment income must be declared on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be taxed by both the IRS and the CRA. The CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply in your circumstances.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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