Truth Social drags company’s stock down 30% in 6-day decline

In this photo illustration, Donald Trump's TRUTH Social account is seen on a mobile device with an image of former US president Donald Trump in the background in Washington, DC on September 13, 2022. (Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)


In this photo illustration, Donald Trump's TRUTH Social account is seen on a mobile device with an image of former US president Donald Trump in the background in Washington, DC on September 13, 2022. (Photo by OLIVIER DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)

Truth Social, the Trump-branded social media thingy, continues to fail dramatically. In order to become a publicly traded company, Trump and friends got Digital World Acquisition (DWAC) to become its special purpose acquisition company (SPAC). Business Insider reports that on Wednesday, DWAC shares fell another 7%, compounding what is now a six-day decline to about 30%. Since the announcement of the deal, the company’s stock has lost 90% of its value from the highest point of $175 per share. 

There is an investigation into the merger by the U.S. Securities and Exchange Commission (SEC). Truth Social is (of course) arguing that the real issue is a political one, and accuses the SEC of dragging its heels in reviewing the SPAC deal. In a regulatory filing, Trump Media & Technology Group (TMTG), the media company that owns Truth Social, wrote:

“In light of the obvious conflicts of interest among SEC officials and clear indications of political bias, TMTG is now exploring legal action against the SEC. Despite the increasing weaponization and politicization of government agencies, Truth Social will continue its expansion plans, supported by the unprecedented levels of user engagement on the platform.”

Of course, there are quite a few things that Truth Social execs, whoever they might be at this point, forgot to mention about their business—and what has been going on over at Digital World Acquisition.

RELATED STORY: Top executives jump ship, numbers down, Trump sad, Truth Social is a disaster



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