SPAC Digital World pares declines as Musk takes over Twitter, Trump vows to stay on Truth Social (update)
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Update 1:10pm: Updates shares, adds Trump comment.
Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company public, pared some earlier declines after billionaire Elon Musk officially took over (NYSE:TWTR) after completing a $44 billion buyout.

DWAC shares pared earlier declines after former President Donald Trump told Fox News Digital that he plans to stay on Truth Social. Trump declined to say if we would ever go back on Twitter, though the added that "I donât think Twitter can be successful without me."
"I am staying on Truth. I like it better, I like the way it works, I like Elon, but Iâm staying on Truth," he told Fox News Digital.
Trump praised Musk's control of the social media giant, while also promoting his own Truth Social platform in a post earlier on Friday. 
âI am very happy that Twitter is now in sane hands, and will no longer be run by Radical Left Lunatics and Maniacs that truly hate our country,â Trump wrote on his Truth Social post. 
Digital World (DWAC) shares have plunged 84% since hitting a high in early March at least partly as Investors likely see the possibility that Trump - who had about 80M Twitter followers before he was banned from that platform - could return to Twitter if Musk allows him to rejoin. Trump has 4.37 million followers on Truth Social.
"Twitter must now work hard to rid itself of all of the bots and fake accounts that have hurt it so badly," Trump added in his post on Truth Social. "It will be much smaller, but better. I LOVE TRUTH!"
Trump said in April he wouldn't return to Twitter (TWTR) even if Musk reinstated his account. In May, Musk said he would reverse Trump's ban from the platform if the business mogul succeeded in taking over the social media platform with his $44 billion deal.
Video platform Rumble Inc. (NASDAQ:RUM), which some describe as the conservative version of Google's YouTube (GOOGL), gained 16% on Friday. The stock has jumped 68% in the last four days as Musk's purchase of Twitter was slated to close on Friday. The reason for the meteoric rise on Rumble this week was unclear, thought the stock seemed to be getting a lot of promotion on social media sites like StockTwits. 
Rumble, run by CEO Chris Pavlovski, has gained much attention this year as alternative YouTube platform and after it announced a deal with former President Donald Trump's s social media company and his platform Truth Social.
Rumble (RUM) skyrocketed 40% in its first day of trading on Sept. 19 after completing a de-SPAC transaction. The shares have since dropped 34%.
Also see Nomad Capital's piece on Rumble (RUM) from last Thursday entitled "Rumble: Disrupting The Legacy Video Distribution Industry."