Digital World Acquisition Corp. (DWAC) stock fell early Monday after Elon Musk reinstated former President Donald Trump’s Twitter account Sunday. The special acquisition company, which is aiming to take Trump’s own social media platform public, is also set to have a another shareholders vote Tuesday, in an attempt to extend the deadline to complete the merger.
DWAC stock fell about 3% Monday ahead of market trading. The shares advanced 7.2% on Friday.
On Friday evening, Tesla (TSLA) CEO Elon Musk, who took over Twitter on Oct. 28, posted a poll from his account asking members of the public to weigh in on whether Trump’s account should be reinstated. Twenty-four hours later, Musk tweeted that “the people have spoken. Trump will be reinstated.”
The Twitter poll appeared to have more than 15 million responses with 51.8% of votes in favor of Trump returning to Twitter.
The Musk And Trump Affair
However, Trump has said he will not return to Twitter.
“I don’t see any reason for it, they have a lot of problems at Twitter, you see what’s going on. It may make it, it may not make it,” Trump said during the Republican Jewish Coalition’s annual leadership meeting on Saturday.
Trump also signaled on Truth Social that he would be sticking with his social media platform and not begin tweeting gain.
“Vote now with positivity, but don’t worry, we aren’t going anywhere. Truth Social is special!” Trump wrote on Saturday.
Musk seemingly responded on Twitter Sunday, posting an imagine depicting a woman, representing Twitter, and a priest, representing Trump.
“And lead us not into temptation,” the billionaire wrote.
DWAC Stock And The Trump Brand
DWAC is a special purpose acquisition company attempting to take the former president’s tech and social-media platform public in the sort of reverse merger that was popular several years ago. The company reported last week it has continued to hemorrhage money. The SPAC said it lost roughly $3.4 million in the latest quarter ending on Sept. 30, according to SEC filings. The group has lost $9.6 million so far in 2022.