Digital World Acquisition, which is taking Donald Trump’s social media company public, has now fallen 38% just in the past week after hitting a high of $97.25, notes Seeking Alpha.
Trump’s new social media platform Truth Social officially launched last month at the end of President’s Day weekend, which sent the SPAC’s shares up 10% on the platform’s first full day on Feb. 21. DWAC shares have dropped 32% this month through today.
Truth Social was the No. 1 most downloaded app in the App Store less than 48 hours after its launch last month. Trump, who has been banned from Twitter, Facebook and Google, is marketing Truth Social as an alternative outlet to those social-media giants. As of Monday, Truth Social is listed as No. 141 on the top free apps in the App store.
Earlier this month Axios posted a story that highlighted that the “vast majority” of the people who have downloaded the app are still on a waitlist after it launched. In addition, Trump’s Truth Social account had less than 80,000 followers at the time vs the 88 million followers he had on Twitter. Trump himself has not been using the Truth Social platform with any frequency. Read more.
