Trump SPAC Plunges After Delayed Media App Launch

The Stock Price, of the Blank-Check Company that Partnered with Trump's Social Media App Firm plunged, as News of the Delay in the App's Launch Spread on Twitter.

Digital World Acquisition Corp. (DWAC), which opened trading at $87.02 per share, and spiked to as high as $97.15, fell to as low as $80.45 per share. DWAC closed the trading day at $83.88 per share.

The Delay in the Launch of Trump's Truth Social, had already been announced, last month, by former Rep. Devin Nunes, a California Republican tapped to Run the Social Media firm.

In early January, Truth Social, indicated on the Apple App Store, that it would Launch on Feb. 21.

Nunes, the recently appointed Trump Media and Technology Group CEO, during an appearance on Jan. 23, on Fox Business, said that the App would be released by March 31. He cited the need to finish ongoing Beta testing as the reason for the Delay.

DWAC later filed a Transcript of Nunes' Interview with the Securities and Exchange Commission, an Acknowledgment of the Significance of the Delay to its Business.

DWAC is a SPAC, or so-called Special Purpose Acquisition Company. SPACs raise Money from Eequity Markets and then set out to identify other Firms to Merge with, creating a Publicly Traded Entity of the Merged Firms.

Trump announced in October, 2021, that his New Social media Network would Merge with DWAC, in a Deal that valued Trump Media and Technology Group at up to $1.7 billion.

Trump has said Truth Social will be a Competitor to Social Media Giants like Twitter and Facebook, both of which Banned him last year for having posted Statements that incited the Deadly Jan. 6 Capitol Riot, when the Trump's Supporters stormed the Building and Disrupted Lawmakers' Confirmation of Biden's Electoral College Victory.

But the Merger is under SEC Investigation for Violating SPAC's Rules. Then the First attempt to create the Media Application, created a Lawsuit for Violating the Open-Source Contract with the Application Developer.










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