https://wccftech.com/trump-linked-spac-digital-world-acquisition-corp-dwac-bleeds-as-elon-musk-shows-twitter-some-much-needed-love/

Digital World Acquisition Corp. (NASDAQ:DWAC), a Special Purpose Acquisition Company (SPAC) that is slated to take the Trump Media & Technology Group (TMTG) public via a reverse merger, appears to have lost its sheen of attractiveness as back-to-back negative developments continue to hammer the stock's erstwhile stellar gains.

For the uninitiated, the merger deal will furnish TMTG with $293 million in cash proceeds. Moreover, Digital World Acquisition has also raised nearly $1 billion in PIPE investments, thereby elevating TMTG's proposed valuation from $875 million to around $4 billion. TMTG aims to use these copious cash resources to build a conservative-oriented media machine, featuring a dedicated social media platform, dubbed the TRUTH Social, as well as a subscription-based, "non-woke" video-on-demand service and cloud-based offerings under the "tech stack" suite of products.