Shares of Digital World Acquisition Corp., the blank-check company poised to take Donald Trump’s media venture public, fell in volatile trading on Monday after Twitter announced a take-private deal with Elon Musk.
The stock had fallen more than 12% Monday, bringing its year-to-date losses to over 30%. The special purpose acquisition company is on track to merge with the former president’s Trump Media & Technology Group.
Earlier this month, Reuters reported that Truth Social’s chiefs of technology and product development Josh Adams and Billy Boozer had resigned.
Meanwhile last week, hedge fund Kerrisdale Capital Management revealed it is shorting DWAC, saying in a tweet that it believes the SPAC will never secure regulatory approval to close its proposed merger.