The price of shares in Digital World Acquisition Corp. fell by as much as 12% Friday morning after the shell company’s shareholders approved a merger with the social media company owned by former President Donald Trump.
DWAC had opened the trading day at $44.20 per share, but tumbled to below $38 at some points after the vote.
The newly merged company, Trump Media, could begin trading under the new ticker DJT next week.
Trump holds a majority of shares in the new company, which would be worth $3 billion or more given Friday’s opening price for DWAC.
But the value of his forthcoming shares will be lower if DWAC shares do not recover before the merger is completed.
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