Trump SPAC Digital World plunges as Elon Musk added to Twitter board (update)
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Update 1:10pm: Updates shares, adds new details from Washington Post report on Truth Social.
Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company public, plunged 17%, dropping for an eighth straight day, after Tesla's Elon Musk was added to the Twitter (TWTR) board. The decline followed a 10% plunge on Monday after a report that two top executives had left the firm. 
One day after disclosing a 9.2% passive stake in Twitter, Elon Musk was added to Twitter's board, according to an 8-K filing.
Investors are likely concerned that Trump's new social media platform Truth Social, which has been promoted as an alternative to Twitter, may see more competition from a Twitter where Musk is now on the board. Reuters also reported Monday that Truth Social's head of technology and product development, have both resigned from their senior posts.
Trump's new social media platform Truth Social officially launched in late February, which sent the SPAC's shares up 10% on the platform's first full day. Since hitting a high of over $97/share in early March the shares have plunged 47% through Tuesday.
Truth Social was the No. 1 most downloaded app in the App Store less than 48 hours after its launch in late February/early March. Trump, who has been banned from Twitter (TWTR), Facebook (FB) and Google (GOOGL), is marketing Truth Social as an alternative outlet to those social-media giants. 
Downloads of Truth Social have dropped to 8,000 per day from an initial 170,000, according to research firm Apptopia, Bloomberg reported last week. The number of daily-active users on Apple devices was roughly 513,000, according to Apptopia estimates shared with Bloomberg.
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, which cited people familiar.
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.
DWAC also missed a deadline on Thursday to file its annual report with the SEC and said it's expected to file the document within the 15-day grace period.