Shares in Digital World Acquisition, the SPAC taking ex-president Donald Trump’s social media company public, rose earlier this week on reports that Fox News had joined Truth Social — Trump’s Twitter-like platform.
But as Axios reports today, Fox News says it has nothing to do with the account, which still shows it is authorized by the network.
Investors clearly would have viewed Fox News’ participation as a boon for the struggling app:
- Shares of Digital World Acquisition spiked on Tuesday afternoon, after an Axios reporter tweeted about the mere existence of the verified account.
- That tweet, which has since been deleted, was prompted not only by the verification symbol on a Truth Social account bearing Fox News’ name and logo, but also by a message from Truth Social CEO (and former congressman) Devin Nunes that read: “Great to have RSS feed for @FoxNews now LIVE here on TRUTH! This adds to @OAN and @NewsMax.”
A Fox News spokesperson tells Axios, “We are not on Truth Social.”
Shares of Digital World were down 4% at the market open today. Read more.
