Value Of ‘Truth Social’ Parent Company Plummets Amid Twitter Chaos

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Digital World Acquisition Corp. (DWAC), the so-called blank check company that is the other party in a long sought merger with the former president’s Trump Media & Technology Group, which is behind Trump’s social media platform Truth Social, is still struggling financially.

The share price for the company, which has been mired in federal investigations and difficulties at securing approval from shareholders for formally extending the deadline for finalizing the merger with Trump’s company by a year, has fallen dramatically from levels seen after the deal to merge with the former president’s firm was originally announced. From a high around $100, the share price for DWAC is now under $17 as of Friday afternoon, with billionaire and right-wing ideologue Elon Musk taking control of Twitter, where he fired top executives. Musk has spoken of reinstating Trump’s Twitter account, where he had millions more followers than his Truth Social total.

Trump posted on Truth Social about Musk’s takeover of Twitter on early Friday morning. “TRUTH SOCIAL has become somewhat of a phenomena,” he said, subsequently citing figures without a clear basis in reality. “Last week it had bigger numbers than all other platforms, including TikTok, Twitter, Facebook, and the rest. It also looks and works better to my eye. 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. Twitter must now work hard to rid itself of all of the bots and fake accounts that have hurt it so badly. It will be much smaller, but better. I LOVE TRUTH!” The last sentence suggests he’s trying to keep interest active in his Truth Social platform while conservatives look again at Twitter. The persecution complex among right-wingers online who think they’re being censored when Fox News is among the most highly followed news outlets in America remains a sight to behold.

Among the investors in DWAC, which could shut down if the merger with Trump’s company isn’t successful, is Rep. Marjorie Taylor Greene (R-Ga.), who put up to $50,000 into the company when prices were higher and could’ve lost tens of thousands in the subsequent downturn, assuming she retains her stake. On Friday, the share price for DWAC, which is under scrutiny for potentially illegal discussions with Trump’s team about the merger before the company went public, fell after Trump touted Musk’s acquisition of Twitter, although they later slightly recovered, surpassing the previous day’s close. The Dow Jones Industrial Average was up by 2.52 percent at the same point on Friday afternoon when DWAC was up by only 1.34 percent. A whistleblower complaint from a former executive at Trump’s company includes allegations about the potentially illegal discussions prior to DWAC publicly launching. Completing the merger would take Trump’s company public and let it benefit from hundreds of millions in accumulated funding, although the company is also receiving newly reported private investments in the millions.