SPAC tied to Trump's Truth Social sees stock plummet
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