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SPAC tied to Trump's Truth Social sees stock plummet

Tim Baysinger
Apr 26, 2022
Data: Yahoo Finance; Chart: Baidi Wang/Axios

Monday was a good day for Elon Musk, but not for former President Donald Trump. Shares of Digital World Acquisition Corp. — the SPAC trying to take Trump's fledgling media venture public — fell 13% to $35.71.

Why it matters: Digital World Acquisition Corp.'s stock price has been cut in half over the past month. It was trading at around $72 per share on March 24.

  • The stock price is down 30% since the start of 2022.

The big picture: Truth Social, Trump Media & Technology Group's flagship social media network, has gotten off to a rocky start amid tech snafus, long wait times to sign up and a lack of use by Trump himself.

  • But Trump sort of gave Truth Social a vote of confidence: Despite Twitter's agreement to sell to Musk and let him take the company private, Trump said he won't return to Twitter even if he's reinstated.
  • "I am not going on Twitter. I am going to stay on Truth," Trump told Fox News. "I hope Elon buys Twitter because he'll make improvements to it and he is a good man, but I am going to be staying on Truth."

Go deeper: Rumble may top Truth Social

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