Trump-linked Digital World jumps as Musk abandons Twitter deal

Remark Holdings

11/07/2022 12:10

** Shares of Digital World Acquisition Corp  DWAC.O , a
blank check firm that will take Trump Media & Technology Group
Corp (TMTG) public, rise 18% to $29.09 premarket 
    ** Elon Musk abandons $44 bln bid for Twitter  TWTR.K ,
sending the social media firm's shares down 6% premarket
 urn:newsml:reuters.com:*:nL4N2YS1TD
    ** State documents last week showed former U.S. President
Donald Trump was removed as a director from the board of TMTG
last month  urn:newsml:reuters.com:*:nL4N2YO32E
    ** Truth Social is Trump's social media platform owned by
TMTG; TMTG agreed to merge with DWAC in October and the deal was
expected to close by H2 2022
    ** DWAC shares have been under pressure in recent weeks on
news of TMTG being served with subpoenas over merger plans 
    ** DWAC has lost more than half its value so far this year

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))