DWAC stock closed down at $17.10-0.95 at close: October 04:00 PM EDT
Tuesday saw a 5% decline in the value of Trump SPAC Digital World Acquisition ( NASDAQ:DWAC ) on news that Tesla CEO and billionaire Elon Musk had suggested finishing his delayed deal with Twitter ( NYSE:TWTR ), the major rival of DWAC target Truth Social.
DWAC, which plans to IPO former president Donald Trump’s social media platform and app Truth Social, dropped 5.3% in response to the news, ending the day at $17.10.
Twitter ( NYSE:TWTR ) increased by almost 22% as a result of the news that Musk had written to the company’s management offering to move forward with his postponed $44B purchase deal at the previously agreed-upon price of $54.20 per share.
Some investors think that a Twitter run by Musk may allow Trump to return to the Twitter social media network, which is why Digital World (DWAC) plummeted. Trump is promoting Truth Social as a substitute for the social media juggernauts Twitter ( NYSE:TWTR ), Facebook (NASDAQ:META), and Google (NASDAQ:GOOGL), from which he has been barred.
Some DWAC investors worry that a Twitter operated by Musk, who has claimed that his bid for TWTR is actually about free expression, will become more competitive.
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