Why Shares of Digital World Acquisition Corp Dropped 17% in May
Shares of Digital World Acquisition Corp (NASDAQ: DWAC) fell nearly 17% in May, according to data provided by S&P Global Market Intelligence.
DWAC is a special purpose acquisition company (SPAC) that is planning to merge with and take public Trump Media & Technology Group (TMTG), the parent company of Truth Social, a social media platform backed by former president Donald Trump. The belief is that the platform will be able to cater to Trump's audience and those fed up with mainstream social media platforms.
While DWAC may have fallen due to broader market activity, there was no shortage of news regarding TMTG and Truth Social in May.
Source Fool.com
