Stock of SPAC buying Trump’s Truth Social extends plunge after reports Twitter buyout deal is close

Shares of Digital World Acquisition Corp. DWAC, -12.82% tumbled 9.5% toward a six-month low in morning trading Monday, in the wake of reports that Twitter Inc. TWTR, +5.52% may be close to a deal to be acquired by Tesla Inc. TSLA, -0.74% “Technoking” Elon Musk. The special purpose acquisition company (SPAC), which announced a deal in October to acquire Trump Media & Technology Group, which launched Twitter competitor Truth Social. The stock has plunged 41.3% since Elon Musk disclosed that he bought a 9.2% stake in Twitter, while Twitter shares have run up 28.5% and the S&P 500 SPX, +0.14% has dropped 7.0%.

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