Trump Media shares come down after Elon Musk stirs deal to purchase Twitter

October 6, 2022: -Shares of Digital World Acquisition Corp., the special-purpose acquisition company striving to take Trump Media and Technology Group public, came down Tuesday after Elon Musk switched course and proposed going through with his deal to buy Twitter.

Shares of DWAC decreased over 5% to $17.10 on Tuesday. The stock’s 2022 peak was about $97 in March.

Trump Media and Technology Group owns Truth Social, the platform founded by former President Donald Trump after he was banned from Twitter following January 6, 2021, Capitol insurrection.

Trump had about 80 million followers on Twitter. On Truth Social, he has over 4 million. Musk has previously said he would lift Twitter’s ban on Trump after his deal to buy the company closed, which could make Truth Social unnecessary.

On Monday, DWAC shareholders will vote on whether to extend the deadline for the merger that would take Trump Media public. The deal, which has faced legal and financial obstacles, lost at least $138 million in private investment after a crucial September deadline.

In a rally on Saturday, Trump suggested his company could move forward without the DWAC deal.

“If they don’t come with the financing, I’ll have it private,” Trump said to supporters in Michigan. “Easy to keep it private.”