Former President Donald Trump's special-purpose acquisition company (SPAC), which was seeking to merge with his social media platform Truth Social, has suffered a significant setback. The SPAC has lost almost $200 million in stock purchase deals and most of its prior investment commitments. The embattled SPAC, Digital World Acquisition Corp, has now returned $533 million of the $1 billion raised to finance the venture. This latest issue adds to the challenges faced by the years-old deal. The collapse of the investment commitments has raised concerns about the management skill of Trump's latest venture, Truth Social.
$DWAC (+1.0% pre) SPAC to return remaining $533 million raise for Trump social media deal - Reuters https://t.co/VO1iwZJu30
Sadly, #TruthSocial is Trump's latest and most visible example of his management skill. It has undeniably been a clusterf*ck from day 1. Now it has lost its billion dollars in financing. Truth Social is hailing this as some kind of victory. Well, alrighty then. I think it… https://t.co/J4Ij1QIVfC
TRUTH SOCIAL HAS NOW COLLAPSED: [The funding partner for Trump Media & Technology Group said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments. Digital World Acquisition Corp.… https://t.co/fyRY2hjGVK
Trump’s SPAC Loses Nearly $200 Million In Stock Purchase Deals https://t.co/vC4FSAQZbZ
The embattled special-purpose acquisition company seeking to merge with former President Donald Trump's social media platform Truth Social has now lost most of its prior investment commitments. https://t.co/6pKkm0pduW
A live view of a startup being acquired opportunistically by a public company. https://t.co/VQqPjELoMh
The embattled special-purpose acquisition company seeking to merge with former President Donald Trump's social media platform Truth Social has now lost most of its prior investment commitments, the latest issue for the years-old deal. https://t.co/AaEMpt0qB8
Don't look now, but TruthSocial is in a death spiral. [Digital World Acquisition Corp (DWAC), the special purpose acquisition company (SPAC) that had planned to take former U.S. President Donald Trump’s social media firm public, announced it would return $533 million of the cash… https://t.co/MfOzYVMED8
Investing in Space: A reality check on SPAC frenzy revenue projections https://t.co/oxVWzYGnaS
Trump’s SPAC Loses Nearly $200 Million In Stock Purchase Deals https://t.co/8g2SRBqB1i https://t.co/Pdgdrm3pd6
Trump’s SPAC Loses Nearly $200 Million In Stock Purchase Deals https://t.co/BvuXNyaAfB https://t.co/qlhuep9ETl
Here’s How Donald Trump Invests His Cash https://t.co/x8MsuOKzOI https://t.co/Ich4IdSDeQ