Wall Street traders are telling The New York Poat they can’t wait for the SEC to give the green light to Digital World Acquisition, the shell company holding former President Donald Trump’s new right-wing Twitter alternative, “Truth Social.”
And it’s not because they like the stock.
Traders are already eyeing the SPAC for the mother of all shorts, betting that shares will eventually fall to penny-stock levels ($5 or less). Part of the pessimism stems from Truth Social’s lousy rollout; it has been plagued by technological glitches and management upheaval since its February launch.
But the possible nail in the coffin for Truth Social is Tesla founder Elon Musk’s bid to take over Twitter. With a net worth of around $250 billion, Musk has agreed to plunk down $44 billion to purchase the financially troubled but influential micro-blogger, making a right-leaning Twitteralternative like Truth Social largely obsolete. Read more.
