Here's Why Digital World Acquisition Stock Fell 45% in June

Shares of the shell company Digital World Acquisition (NASDAQ: DWAC) fell nearly 45% in the month of June after the special purpose acquisition company (SPAC) disclosed that previously announced investigations have been expanded by subpoenas.

Digital World in the later part of last year announced its intention to merge with and take public Trump Media & Technology Group (TMTG), which is the parent company of the social media platform backed by Donald Trump called Truth Social.

Upon the announcement of Truth Social, shares of the SPAC exploded, rising all the way to more than $94 per share last October on the belief that an alternative social media platform with Trump's following could potentially challenge mainstream social media platforms.

Source Fool.com