https://wccftech.com/trumps-juicy-spac-gains-continue-to-fizzle-as-the-short-seller-iceberg-research-takes-a-well-timed-dig-at-digital-world-acquisition-corp-dwac/

Digital World Acquisition Corp. (NASDAQ:DWAC), a high-flying Special Purpose Acquisition Company (SPAC) that is planning to take the Trump Media & Technology Group (TMTG) public, continues to see its outsized gains from last week fizzle, thereby placing a sizable dent on the windfall that the former President Trump is slated to receive from this deal.

As a refresher, TTMG has been accorded an initial enterprise valuation of $875 million as a part of the merger agreement with the SPAC Digital World Acquisition. TMTG plans to utilize the $293 million in cash proceeds that are already held in trust by Digital World Acquisition to launch a dedicated social media platform, dubbed the TRUTH Social. Additionally, TMTG also intends to launch a subscription-based, “non-woke” video-on-demand service as well as cloud-based offerings under the “tech stack” suite of products.