SPAC supporting Trump’s social media firm plunges on delay in app’s launch

• DWAC opened at $87.02 per share on Monday and fell to as low as $80.45 per share

• The plunge in stock comes as news of the delayed launch of Truth Social spreads on Twitter

Shares of Digital World Acquisition Corp (NYSE: DWAC), the blank-check company supporting Donald Trump’s social media firm, plunged on Monday in late-day trading over the news of delay in launch of the app.

DWAC opened at $87.02 per share on Monday and fell to as low as $80.45 per share. The company closed at $83.88 per share.

The plunge in stock of the special purpose acquisition company comes as news of the delayed launch of Truth Social spreads on Twitter on Monday.

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Recently appointed CEO, Devin Nunes, though, had announced the delay last month saying the app would release by March 31. Nunes said the delay is due to the need to finish ongoing beta testing.

Earlier, Truth Social had said that it would launch on February 21.

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In October, Trump had announced his new social media firm would merge with SPAC DWAC in a deal valuing Trump Media and Technology Group at up to $1.7 billion.

Trump was banned from Twitter and Facebook last year for inciting January 6 Capitol riot. Trump has said Truth Social will be a competitor to social media giants.

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