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Trump-Tied Social Media SPAC Slides After Key Executives Quit

  • Digital World Acquisition takes hit on shakeup at Truth Social
  • Users still wait for access to Trump’s social media platform
The Truth Social website.

The Truth Social website.

Photographer: STR/NurPhoto via Getty Images
Updated on

Shares of the shell company taking Donald Trump’s media venture public extended their selloff after a report that a pair of key executives resigned and Elon Musk bought a sizable stake in social-media competitor Twitter Inc. 

Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media & Technology Group, fell 10% Monday to extend a losing streak for a seventh-straight day as downloads of the Truth Social app dry up. The decline was triggered by a Reuters report that Truth Social’s chiefs of technology and product development Josh Adams and Billy Boozer have resigned and as Musk became Twitter’s largest shareholder.