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Shares for Digital World Acquisition Corp. (DWAC) swiftly rose following the recent news that Tesla and SpaceX CEO Elon Musk intends to terminate the deal to acquire Twitter.
According to a report from Forbes, shares of DWAC were up 17 percent the week after news of Musk’s plan to pull out of the deal.
Further, DWAC is set to merge with Trump Media and Technology Group (TMTG). In June, the special purpose acquisition company declared its intention to ensure the merger stayed on track, resulting in a reported $1.25 billion net proceeds to TMTG at closing, according to the company.
According to the Forbes report, as DWAC shares have risen, Twitter shares have fallen by six percent.
Truth Social is a free speech platform positioned to rival Big Tech social media monoliths like Twitter, Facebook, and Instagram. President Trump launched the platform on President’s Day in February, and the site has continued to gain popularity.
Further, Musk announced in early July that he would be walking away from his $44 billion deal to acquire Twitter based on the social media company providing “false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement…”
RSBN previously reported that the deal is expected to be settled in court as Twitter attempts to enforce the merger agreement.
As DWAC’s shares continue to rise ahead of its official merger with TMTG, it appears that stockholders are losing their confidence in the future of Twitter. Truth Social has handily positioned itself as a free speech alternative platform for Twitter, which is known for its rampant censorship of conservative voices.
President Trump celebrated Musk’s terminated deal with Twitter in a triumphant statement shared to Truth Social, which firmly positions his site as the dominant social media platform for free speech. “LONG LIVE THE ‘TRUTH,’” Trump said.