Shares of the special purpose acquisition company (SPAC) looking to take Donald Trump’s Truth Social public, Digital World Acquisition Corp. , dropped 3.1% in premarket trading, after Elon Musk reinstated Trump’s Twitter account over the weekend. The reinstatement follows a poll on Twitter held by Musk, the Chief Executive of Tesla Inc. that bought the social media company; the “yes” vote to reinstate Trump won with 51.8%. Trump had previously said he would not rejoin Twitter even if reinstated, and said after the reinstatement that he saw a lot of problems at Twitter. Digital World’s stock, has plunged 28.6% over the past three months through Friday while the S&P 500 has shed 6.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.