Truth Social SPAC Down 9% As Trump Denies Reports of Financial Trouble

Shares of Digital World Acquisition, the blank check company that plans to take Donald Trump’s media site Truth Social public, fell 9% this morning after Trump denied recent reports the company is struggling financially and owes more than $1 million in unpaid fees to a conservative vendor, Forbes reports.

In a post on Truth Social Saturday, Trump claimed the “Fake News Media is devastated by how well TRUTH is doing,” so they are “working overtime to criticize and demean it,” after several outlets reported the company is facing financial woes, including owing one of its vendors, RightForge, a company that provides internet hosting services for conservative causes, $1.6 million in backdated payments.

DWAC cautioned last week after the FBI’s raid of Trump’s Mar-a-Lago home that if the former president becomes “less popular” or has “further controversies that damage his credibility,” Truth Social could suffer, the company wrote in an SEC filing. Read more.

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