Investors holding DWAC pre-merger would’ve been able to sell it off as DJT as soon as the merger was complete. Trump can’t sell his shares for six months after the merger without permission from his company’s board.
Instead of buying regular shares of DWAC, some people invested in warrants which can be turned into ordinary shares in the future at a price of $11.50/warrant. Those can’t be exercised until 30 days after the merger and are trading under the ticker DJTWW. DWACW (now DJTWW) was trading at $20 just before the merger, so people who bought at that price essentially locked in a future price of $31.50/share of DJT once the added cost of exercising the warrants is factored in. That could’ve been a nice windfall if DJT maintained its spike of $70 after the merger, but it isn’t much of a deal at today’s closing price of $26.61 and they still have about ten more days to go until they can trade in their warrants. Most of the time the warrants traded at a much lower price than $20, however. Whoever was selling when they were at $20 probably made a decent profit.