Trump-Linked SPAC Sinks 18% On Twitter News

Twitter's $44 billion buyout news continues to sink the share price of Digital World Acquisition Corp. --- the special purpose acquisition company (SPAC) intent on merging with the Trump Media & Technology company, which in February launched Truth Social, a supposed Twitter competitor.

The stock price of DWAC is down 18% on Monday to $33.55 following the news.

Since April 4 when Elon Musk, chief executive officer of Tesla, disclosed he had bought a 9.2% stake in Twitter, DWAC’s stock has been down 41.3%. Twitter board approved the buyout deal on Monday from Musk for $54.20 in cash, totaling $44 billion.

DWAC’s stock is down 32% since the beginning of the year.

Though Truth Social has been downloaded over 1.2 million times. But a recent reading shows the app has seen way less activity -- now downloaded on average at around 60,000 times per week, or 8,000 per day in March.

Daily active users for Truth Social are around 513,000, according to recent reports. This compares to 217 million active Twitter users.



1 comment about "Trump-Linked SPAC Sinks 18% On Twitter News".
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  1. Ed Papazian from Media Dynamics Inc, April 27, 2022 at 9:30 a.m.

    Wayne, help me out here. If Truth social is generating only 8,000 downloads per day how can it have 513,000"daily active users"?

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