Trump SPAC Digital World Acquisition ( NASDAQ: DWAC ), which is taking Trump's social media company public, fell 4.2% after billionaire Elon Musk officially took over ( NYSE: TWTR ) after completing a $44 billion buyout.
Former President Donald Trump praised Musk's control of the social media giant, while also promoting his own Truth Social platform in a post on Friday.
“I am very happy that Twitter is now in sane hands, and will no longer be run by Radical Left Lunatics and Maniacs that truly hate our country,” Trump wrote on his Truth Social post.
Digital World ( DWAC ) shares have plunged 84% since hitting a high in early March at least partly as Investors likely see the possibility that Trump - who had about 80M Twitter followers before he was banned from that platform - could return to Twitter if Musk allows him to rejoin. Trump has 4.37 million followers on Truth Social.
"Twitter must now work hard to rid itself of all of the bots and fake accounts that have hurt it so badly," Trump added in his post on Truth Social. "It will be much smaller, but better. I LOVE TRUTH!"
Trump said in April he wouldn't return to Twitter ( TWTR ) even if Musk reinstated his account. In May, Musk said he would reverse Trump's ban from the platform if the business mogul succeeded in taking over the social media platform with his $44 billion deal.
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Trump SPAC Digital World drops as Musk takes over Twitter, Trump praises Tesla chief