According to article, it is better to buy shares of DWACW instead of DWAC, because DWACW shares (warrants) act like options to buy DWAC for $11.50 around October 2022. However, DWACW shares cost about 1/3 the price of DWAC. If you think the company will be successful on or after October 2022, then DWACW is a better buy.
Here is another good article from Oct. 24, 2021: A Boring Legal Look At Digital World Acquisition Corp. - What Investors Need To Know
"And most importantly! When you exercise a warrant it is taxed as ordinary income. This means that if they get called and you're sitting there looking pretty with 10k of these things, you'll be immediately cutting a check to Uncle Brandon for the highest possible tax bracket you can reach. Taxation of Stock Warrants (zacks.com)The amount per share you will owe tax on is the price of the stock P minus the Cost Basis C and the Strike Price SP - (C + S); and you will need to pay the strike from out of pocket."That extra tax offsets some of the discount you get buying DWACW instead of DWAC.