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

Shares of Digital World Acquisition Corp., the special-purpose acquisition firm searching for to take Trump Media and Expertise Group public, slid Tuesday after Elon Musk reversed course and proposed going via 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 Expertise Group owns Fact Social, the platform based by former President Donald Trump after he was banned from Twitter following the Jan. 6, 2021 Capitol rebel.

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

DWAC shareholders will vote Monday on whether or not to increase the deadline for the merger that may take Trump Media public. The deal, which has confronted authorized and monetary obstacles, misplaced at the least $138 million in non-public funding after a vital September deadline handed.

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

“If they do not include the financing I will have it non-public,” Trump stated to supporters in Michigan. “Simple to have it non-public.”