Why Digital World Stock Has Dropped 13% So Far This Week
Shares of special purpose acquisition company (SPAC) Digital World Acquisition Corp. (NASDAQ: DWAC) have dropped 13% for the week as of noon ET on Thursday, according to data provided by S&P Global Market Intelligence. This is the SPAC trying to merge with Truth Social -- a social media platform associated with former U.S. President Donald Trump. And Trump himself is in the news this week, not because of his association with Truth Social, but rather his association with other platforms.
Truth Social is the platform being used by the former president after his accounts were banned elsewhere, including Meta Platforms' Facebook as well as Twitter. In November, Twitter reinstated his account. However, at the time, Trump said he wouldn't be engaging with his Twitter account, choosing to stick to Truth Social.
That may be changing. According to multiple news reports, the former president is planning to start using his old accounts on various social media platforms. This includes Twitter. But his office is also petitioning Meta Platforms to unban his Facebook account.
Source Fool.com
