SPAC Stock (NASDAQ:DWAC)
SPAC (NASDAQ:DWAC), the business bringing Trump’s social media company and Truth Social app public, dropped 2.5% on Friday ahead of a vote on the company’s plans to go public scheduled for Monday.
After being postponed many times last month, the shareholder vote to extend the time SPAC (NASDAQ:DWAC) has to conclude a deal to take Trump’s social network firm public is set for Monday.SPAC stock was unable to get the necessary voting approval from shareholders. Thus, the meeting was postponed.
Since Tuesday, billionaire Elon Musk said he intended to acquire Twitter for its initial $44 billion price tag. SPAC stock has declined by 5%. Investors may be encouraged by the prospect of Trump’s return to Twitter, given that he had nearly 80 million followers before being banned from the network.
In an interview with the Financial Times published on Friday, Musk took aim at Truth Social, where the ex-president has amassed 4.15 million followers.
Musk told the publication, “It is simply a right-wing echo chamber.” One possible alternative name is Trumpet.
President Trump indicated in April that he wouldn’t use Twitter again, even if Musk were to reactivate his account. If Trump’s $44 billion takeover of the social media network goes through, as Musk promised in May, Musk would undo the restriction.
SPAC stock investors have been fighting to approve the merger with Trump’s media firm, even though they only need to accept it by 65%.
After the sponsor of a particular purpose acquisition company (SPAC) contributed $2.88 million last month, DWAC was given three months, until Dec. 8, to complete its transaction. According to the company’s bylaws, this is the first of two extensions of three months each. SPAC stock has already said that the SPAC may be compelled to liquidate if the agreement is not extended.
Since their all-time high of $97 in early March, SPAC stock has fallen 83%. The stock price dropped because investors fear a Musk-led Twitter and multiple pending regulatory investigations.
Of the total $1 billion PIPE investment revealed in December, SPAC has received termination notifications from investors totaling $138.5 million in the last month.
Featured Image- Megapixl @ Andreyyalansky19
Author Shariq Khan 
