Trump Truth Social SPAC shares slide after Elon Musk revives Twitter deal

The Truth social community emblem is seen on a smartphone in entrance of a show of former U.S. President Donald Trump on this image illustration taken February 21, 2022.

Dado Ruvic | Reuters

Shares of Digital World Acquisition Corp., the special-purpose acquisition firm searching for to take Trump Media and Technology Group public, slid Tuesday after Elon Musk reversed course and proposed going by along with his deal to purchase Twitter.

Shares of DWAC fell greater than 5% Tuesday to $17.10. The inventory’s 2022 peak was about $97 in March.

Trump Media and Technology Group owns Truth Social, the platform based by former President Donald Trump after he was banned from Twitter following the Jan. 6, 2021 Capitol rebellion.

Musk has beforehand mentioned he would raise Twitter’s ban on Trump after his deal to purchase the corporate closed, which may make Truth Social pointless. Trump had about 80 million followers on Twitter. On Truth Social, he has greater than 4 million.

DWAC shareholders will vote Monday on whether or not to increase the deadline for the merger that might take Trump Media public. The deal, which has confronted authorized and monetary obstacles, misplaced not less than $138 million in personal funding after an important September deadline handed.

In a rally on Saturday, Trump indicated his firm may transfer ahead with out the DWAC deal.

“If they don’t come with the financing I’ll have it private,” Trump mentioned to supporters in Michigan. “Easy to have it private.”

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