January 1, Trump-Affiliated Stock Drops

Digital World Acquisition Corp, the SPAC stock bringing former President Donald Trump’s social media platform public, fell 14% on Monday after reports that two Truth Social executives had resigned.

Before the stock dropped in premarket trading, chief of technology Josh Adams, chief of product development Billy Boozer, and chief legal officer Lori Heyer-Bednar resigned.

The drop comes as Twitter shares jumped more than 20% after Tesla CEO Elon Musk became the platform’s largest outside shareholder, with a 9.2% stake.

The Truth Social app was the Apple app store’s top free download after it became available on February 20, but as of Monday it wasn’t in the top 200 most-downloaded free apps.

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Stock in Trump-linked SPAC falls after Truth Social executives resign