Trump-Tied SPAC Slumps After Reports Investors Approve Deal

Bloomberg03-22

(Bloomberg) -- Investors dumped shares of Digital World Acquisition Corp., the blank-check firm set to merge with former president Donald Trump’s social media company, after reports that it got enough...

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Baltimore Wants to Sell Hundreds of Vacant Homes for $1 Each. Yemen’s Houthis Tell China, Russia Their Ships Won’t Be Targeted. China Scrutinizes PwC Role in $78 Billion Evergrande Fraud Case. What Happens If Trump Can’t Post His $454 Million Bond. The approval clears a near-final hurdle for Trump Media & Technology Group to go public after more than two years of snags. The shares erased a 12% gain on Friday, dropping6.61%, after the approval went through as expected. Warrants tied to the SPAC slipped 6.9% to $18.24.It’s More Like the Blazing Two and Tepid Five","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","ISBC":"投资者银行","DWACU":"Digital World Acquisition Corp."},"translate_title":"有报道称投资者批准交易后，与特朗普相关的特殊目的收购公司股价暴跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ISBC":1,"DWAC":0.9,"DWACU":0.9,"DWACW":0.9},"content_text":"(Bloomberg) -- Investors dumped shares of Digital World Acquisition Corp., the blank-check firm set to merge with former president Donald Trump’s social media company, after reports that it got enough shareholder support for the deal.\nMost Read from Bloomberg\n\nNY Gears Up to Seize Trump Westchester Assets If Fraud Fine Is Unpaid\nBaltimore Wants to Sell Hundreds of Vacant Homes for $1 Each\nYemen’s Houthis Tell China, Russia Their Ships Won’t Be Targeted\nChina Scrutinizes PwC Role in $78 Billion Evergrande Fraud Case\nWhat Happens If Trump Can’t Post His $454 Million Bond\n\nThe approval clears a near-final hurdle for Trump Media & Technology Group to go public after more than two years of snags. The shares erased a 12% gain on Friday, dropping 6.61%, after the approval went through as expected. Warrants tied to the SPAC slipped 6.9% to $18.24.\nRepresentatives for Digital World and Trump Media didn’t immediately respond to requests for comment.\nDWAC shares have been volatile in the run-up to the vote, with the stock notching an 18% gain Wednesday. It’s up more than 120% this year as investors use it as a proxy to back Trump’s reelection campaign.\nThe shareholder meeting was scheduled for 10 a.m. in New York on Friday and the company has been active in recent weeks, courting retail traders to vote — a group that historically misses out on similar events. The companies will likely push to complete the merger in the coming days with Trump Media making its trading debut as soon as next week under the ticker DJT.\nThe infusion of more than $275 million will be much-needed for Trump Media which has been vocal about its ambitions to compete with the likes of Meta Platforms Inc.’s Facebook. The startup’s success broadly hinges on growth for Truth Social, a product that offers a user experience similar to X yet whose growth has underwhelmed since its debut.\nCompleting the merger would give Trump billions of dollars worth of stock, based on his more than 58% stake in the company, and be a boon for Devin Nunes, a former California Representative who left Congress to become CEO of Trump Media, and other insiders.\nThe special-purpose acquisition vehicle has soared more than 120% this year as investors use it as a way to bet on Trump’s push for re-election. The stock has been a favorite among the retail-trading crowd since the deal was announced in 2021 with posts across Stocktwits and Reddit Inc.’s WallStreetBets forum encouraging people to buy shares.\nThe retail trading crowd’s loyalty stands in stark contrast with Trump Media’s financial struggles. The company lost $49 million in the nine months through September while generating just $3.4 million in revenue, according to regulatory filings. \n(Updates with additional context starting in sixth paragraph.)\nMost Read from Bloomberg Businessweek\n\nElon Musk’s Don Lemon Implosion\nWeight-Loss-Drug Users Pay Up for Help Ditching the Pricey Meds\nMagnificent Seven? It’s More Like the Blazing Two and Tepid Five\nWall Street and Silicon Valley Elites Are Warming Up to Trump\nThe Fed’s Foot-Dragging Is Making the Last Mile Harder\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2421843534"}