In premarket trading on Friday, shares of Digital World Acquisition Corp, which has agreed to merge with Donald Trump’s.
Media company, dropped 5% after the former American president made a comeback on social networking site Twitter.
On Thursday, Trump posted his mug shot from his booking at the Fulton County Prison in Georgia along with solicitations for donations to mark his comeback to X, formerly known as Twitter, after more than two and a half years.
Following the attack on the U.S. Capitol by his followers on January, Trump had declared he would only use his new platform.
Truth Social, the app created by his Trump Media & Technology Group (TMTG) firm. After this, Twitter had banned him.
Prior to the shutdown, he had more than 88 million followers on the site; as of Friday, he had 6.39 million followers on Truth Social.
Digital World slides as Trump
Elon Musk, a billionaire who recently purchased Twitter, lifted the prohibition in November. In November, Trump declared he had no desire to use Twitter again.
In October 2021, blank-check company Digital World announced that it had consented to merge with TMTG in a deal that would inject the parent company of Truth Social with $1.3 billion in cash.
However, the purchase was under investigation for months, and Digital World resolved fraud allegations. With the US securities regulator earlier this year, which caused the closure to be postponed.
In its most recent extension, Digital World earlier this month extended the merger’s completion date by more than three months, to December 31.
On Thursday, the company also got a notice from Nasdaq informing it that it had broken one of the exchange’s listing rules.
Former U.S. President Donald Trump recently returned to the social media.
Landscape on a platform known as “X,” formerly known as Twitter. in a move that sent shockwaves across the online community.
The return to the stage of one of the most divisive and powerful figures. In the world has sparked anxiety, suspicion, and fear.
After the events of early 2021, Trump stepped away from popular social media platforms. The online world has been excitedly speculating about his future moves ever since.
Many people were surprised to learn that “X” was his preferred platform. There was also a wave of interest in how his comeback might affect the online community and public dialogue.
Trump’s visit has sparked immediate and strong emotions, underscoring the wide divisions that his presence frequently elicits.
Digital World slides as Trump
His return is lauded by followers as a victory for free expression and a chance. For him to reestablish contact with his base.
Yet, his detractors see his comeback with trepidation due to his history of exploiting. Social media to spread false information and polarizing speech.
It doesn’t seem out of place to describe Trump’s online behavior as “provocative.” His tweets were well-known for their capacity to incite diplomatic disputes.
Affect stock markets, and control news cycles during his presidency. His return to “X” raises questions about the potential impact of his statements. On national politics, world affairs, and public opinion.