Trump SPAC DWAC falls on report ex-President plans return to social media
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Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company and Truth Social app public, dropped 4% on a report that the former President plans to return to social media platforms such as Twitter. 
Donald Trump since late last year has told several people that he doesn't want to renew an 18-month exclusivity agreement with Truth Social that expires in June, according to a Rolling Stone report on Sunday. The ex-President currently has an agreement that requires him to wait six hours before posting to other social media after he posts on Truth Social. 
The latest report comes after NBC News reported Wednesday that the former President is likely planning a return to Facebook (META) and Twitter (TWTR). Trump's campaign is formally petitioning Facebook parent Meta Platforms to unblock his account after it was banned
following the attack on the U.S. Capitol in January of 2021.
While new Twitter owner Elon Musk in late November said that Trump was allowed back on the social media platform, Trump has still not tweeted and has only been using his own Truth Social platform.
While Trump Media & Technology Group CEO Devin Nunes recently told Newsmax that "Trump has no interest in going back to Twitter," one person close to Trump told Rolling Stone that Nunes statement isn't true.
Digital World (DWAC) shares have plunged 84% since hitting highs in early March as the SPAC has dealt with several regulatory investigations and continued delays on its deal to merge with Trump's media company. DWAC shareholders in November voted to extend the time DWAC has to complete a deal by a year after the holder vote had been adjourned six times.