Donald Trump has failed at many businesses. Trump Steaks, Trump Water, and Trump Vodka were all flops. Even some of the casinos Trump built, businesses designed to make the owners big profits, ended in bankruptcy. He’s also facing multiple lawsuits against his business, the Trump Organization, including one by NY AG Letitia James.
Yet Trump and his social media company are blaming political bias for investors’ reluctance to go into business with him.
Digital World Acquisition extends 6-day decline to 30% after Trump's Truth Social threatens a lawsuit against the SEC over delayed SPAC deal https://t.co/lhpmi2ZTDy
— Markets Insider (@MktsInsider) September 21, 2022
Digital World Acquisition, a blank check company designed to effect mergers, once had a stock valuation of as high as $175 per share. Today, after months of trying to negotiate a merger with Truth Social, that stock has fallen as much as 90 percent, 30 of which has happened just in the past six days.
Digital World Acquisition is having a difficult time convincing the 65 percent of shareholders it needs to complete a merger with Truth Social. In fact, they paid around three million dollars to extend a deadline to convince those shareholders to December 8, but have not announced any progress.
Six days ago, the people of Truth Social, owned by Trump and run by former Trump lackey and congressman Devin Nunes, however, blamed the SEC for the delay and accused them of “political bias.” Digital World Acquisitions’ stock began a freefall following that announcement.
According to Business Insider:
‘With continued uncertainty that Digital World will be able to receive the necessary amount of votes by mid-October, the SPAC’s sponsor deposited about $3 million to extend the potential deal deadline to December 8. But if a deal is unable to get done, like many SPACs today, Digital World may be forced to liquidate and return the money it raised from investors.’
The news comes just hours after the New York attorney general announced a multi-million dollar lawsuit against the Trump family for fraud, potentially shuttering the company from doing business across the country.
The bad news for Trump is piling up over the past 24 hours, and Twitter was totally there for it. Read some of their comments below: