Elon Musk’s quest to become a social media mogul is dealing a blow to Donald Trump’s social venture.
Highlights
- Digital World Acquisition Corporation, the controversial blank-check firm that plans to merge with Trump Media & Technology Group, fell 13% on Monday to close at $35.71.
- That’s the lowest level since the Trump deal was announced last October.
- The selloff comes as Musk reaches a deal to take over Twitter, one of the Big Tech companies Trump had vowed to take on.
- At one point, the stock was down as much as 19%.
- Trump Media and Technology Group recently launched Truth Social, a Twitter clone aimed at conservatives whom Trump claims Twitter has silenced.