Trump SPAC Digital World Acquisition gains on report Fox News joins Truth Social
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Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company public, rose 7% on a report that Fox News is joining the Truth Social social media platform.
Fox News is one of the biggest brands to join Trump's social media platform Truth Social, Axios' Dan Primack tweeted. Truth Social today added formal/verified Fox News feed to its app, according to Primack.
Trump, who has been banned from Twitter (TWTR), Facebook (FB) and Google (GOOG), is marketing Truth Social as an alternative outlet to those social-media giants.
Shares of Digital World Acquisition (DWAC) were positive for only the second session in the last 13 day trading days as the SPAC has been hurt by fear of potential competition from Twitter due to Elon Musk's recently disclosed stake. The stock has also been hurt as key personnel have reportedly left the social media platform and its users metrics appear to have deteriorated from its launch in late February. 
Downloads of Truth Social have dropped to 8,000 per day from an initial 170,000, according to research firm Apptopia, Bloomberg reported last month. 
Trump himself has privately "fumed" about the rollout of Truth Social and has "mused" about joining a competitor such as Gettr, according to a Washington Post report last week. Trump is said to be reluctant to post to Truth Social because âit is not ready for prime time,â an unidentified close adviser told the Washington Post.
Digital World Acquisition (DWAC) saw a massive rally in wake of news that it will take Trump's new media company public via a SPAC merger. The stock gained more than 350% when the news was announced Oct. 21.