Trump SPAC shares slide after Elon Musk revives deal to buy Twitter

Shares of Digital World Acquisition Corp., the special-purpose acquisition company seeking to take Trump Media and Technology Group public, slid Tuesday after Elon Musk reversed course and proposed going through with his deal to buy Twitter.

Shares of DWAC fell more than 5% Tuesday to $17.10. The stock’s 2022 peak was about $97 in March.

Trump Media and Technology Group owns Truth Social, the platform founded by former President Donald Trump after he was banned from Twitter following the Jan. 6, 2021 Capitol insurrection.

The Truth social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022.

Dado Ruvic | Reuters

(With inputs from CNBC)