Stock tied to Trump's social firm drops after report of disorder

Trump Media Company-Stock
Posted at 3:23 PM, Apr 04, 2022

Shares in a company planning to buy former President Donald Trump's new social media business plunged on Monday after a news report that two key executives have departed.

The report by Reuters follows a filing by Digital World Acquisition Corp. that it will miss a key deadline to file its annual financial statements. The news has added to worries about Trump's Twitter rival, called Truth Social, after a February launch of the app was marred by outages and long waitlists to gain access. The shares have fallen by more than a third since then.

As the Associated Press reported, somewhere around 1.5 million potential subscribers were still waiting to be given access to the app as of Monday.

Truth Social was at the top of Apple's App Store in the free rankings section the day it launched in the store and was made available to a limited number of subscribers. It has since fallen down the charts below the top 200.