Trump SPAC shares slide after Elon Musk revives deal to buy Twitter

Shares of Digital World Acquisition Corp., the special-purpose acquisition institution seeking to instrumentality Trump Media and Technology Group public, slid Tuesday aft Elon Musk reversed people and projected going done with his woody to bargain Twitter.

Shares of DWAC fell much than 5% Tuesday to $17.10. The stock's 2022 highest was astir $97 successful March.

Trump Media and Technology Group owns Truth Social, the level founded by erstwhile President Donald Trump aft helium was banned from Twitter pursuing the Jan. 6, 2021 Capitol insurrection.

Musk has antecedently said helium would assistance Twitter's prohibition connected Trump aft his woody to bargain the institution closed, which could marque Truth Social unnecessary. Trump had astir 80 cardinal followers connected Twitter. On Truth Social, helium has much than 4 million.

DWAC shareholders volition ballot Monday connected whether to widen the deadline for the merger that would instrumentality Trump Media public. The deal, which has faced ineligible and fiscal obstacles, mislaid astatine slightest $138 cardinal successful backstage investment aft a important September deadline passed.

In a rally connected Saturday, Trump indicated his institution could determination guardant without the DWAC deal.

"If they don't travel with the financing I'll person it private," Trump said to supporters successful Michigan. "Easy to person it private."