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Truth Social Up 17% on Rumor Elon Musk Walks Away from Twitter Deal

Published 07/08/2022, 03:00 PM
Updated 07/08/2022, 07:32 PM
© Reuters Truth Social (DWAC) Up 17% on Rumor Elon Musk Walks Away from Twitter (TWTR) Deal

By Vlad Schepkov

Shares of Donald Trump’s Truth Social (to go public via merger with Digital World Acquisition Corp (NASDAQ:DWAC)) are trading up over 16% in Friday’s after hours session.

The gains are attributed to rumors Elon Musk is walking away from the controversial deal to acquire Twitter (NYSE:TWTR)) for $44B - Tesla (NASDAQ:TSLA) and SpaceX’s CEO is claiming Twitter’s breached its contractual obligations.

The rumor doesn’t come as a surprise - shortly after the original acquisition announcement, the social media giant and the eccentric billionaire have gotten in a bitter public dispute over the true number of bots on Twitter’s platform.

Elon Musk said bots represent as much 20% of Twitter accounts, while the company insisted on its official claim of less than 5%.

Twitter’s board announced it remains committed to the deal at $54.20/sh or ~$44B.

TWTR shares are losing over 5% after hours, adding to a 5% loss in Friday’s trading session.


Latest comments

Truth Social Denied Trademark Application, It’s Too Similar To ‘True Social’ and ‘Truth Network’
> 28% not 17% and happened immediately weird why investing is saying 17% when it's clearly off by miles
why have a truth account when it's owned by a alternative to the facts kinda guy
Yeah I hear he's pregnant!!
Liberal ignorance!
deleted my Twitter account when I thought Musky was buying it as I didn't want another BS acount like TRUTH which is also owned by a lie purveyor
Awesome! I love Truth. I log onto it every day. It's great. Twatter isn't at all. If Musk is 100% out of Twatter, I will delete it of course.
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