On Thursday, Digital World Acquisition Corp. (DWAC), the special purpose acquisition company that plans to merge with Truth Social, saw its stock dip 5%, extending its weeklong drop of 32%. In March, the stock traded at $97 per share. It’s now at $16.50, and unless the company can find a quick and easy way to monetize stolen nuclear secrets, it may fall further.
But that’s not all! Institutional investors are losing confidence in the stock now, too.
Digital World said it had received termination notices from private investment in public equity (PIPE) investors ending nearly $139 million in investments out of the $1 billion commitment it had previously announced.
the SEC is investigating the Trump-connected SPAC because the deal looks shady—like everything else Trump lays his oleaginous, preternaturally wee digits on. The agency is reportedly looking into whether DWAC negotiated its deal with Truth Social before going public—a move that would have been illegal.
But hey … legal, illegal? It’s all the same to Trump. What this guy cares about is grifting as much cash from his goober brigade as possible, but for once the government—and common sense—might actually stop him.DailyKos Trump’s Truth Social takes another hit as big-money investors head for the exits