“ Ain’t no such thing as a free lunch.”
“ You get what you paid for.”
A scam.
DWAC has no revenue history but incurred massive losses. The stock has been on a downward trajectory since 2021 when it announced a merger with former president Trump’s media company. The SEC and other regulators have been investigating the proposed merger for potential securities violations.
Recently, Trump has faced more legal issues over alleged payment to adult star Stormy Daniels. After the former president’s indictment, DWAC will likely remain a poor performer and should be avoided now due to its fundamental weakness and bleak growth outlook.
Shares of DWAC have declined 43.5% in price over the past six months and 70.5% over the past year to close the last trading session at $12.88.
For the year that ended December 31, 2022, the company’s formation and operating costs increased 1,435.7% year-over-year to $18.30 million. Its loss before income taxes worsened by 928.7% from the prior year to $14.24 million. The company’s net loss widened 999.4% year-over-year to $15.22 million.
In addition, DWAC’s net loss per share per Class A common stock narrowed by 412.5% from the previous year to $0.41. As of December 31, 2022, the company’s cash was $989, compared to $327,731 as of December 31, 2021. Also, its total liabilities were $32.54 million, compared to $10.75 million as of December 31, 2021.
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