Elon Musk’s quest to become a social media mogul is dealing a blow to Donald Trump’s social venture, CNN reports.
Shares of Digital World Acquisition, the blank-check firm that plans to merge with Trump Media & Technology Group, fell 15% today to about $35.
That’s the lowest level since the Trump deal was announced last October — and the selloff comes as Musk reaches a deal to take over Twitter, one of the Big Tech companies Trump had vowed to take on. At one point, the stock was down as much as 19%.
Separately, Bloomberg reported that if Musk succeeds in acquiring Twitter that could be the “nail in the coffin” for Digital World Acquisition.
Trump Media & Technology Group recently launched Truth Social, a Twitter clone aimed at conservatives whom Trump claims Twitter has silenced. Read more.
