DWAC stock tumbles more than 12% after Trump social media merger approved by shareholders

The price of shares in Digital World Acquisition Corp. fell by as much as 12% Friday morning after the shell company’s shareholders approved a merger with the social media company owned by former President Donald Trump.

DWAC had opened the trading day at $44.20 per share, but tumbled to below $38 at some points after the vote.

The newly merged company, Trump Media, could begin trading under the new ticker DJT next week.

Trump holds a majority of shares in the new company, which would be worth $3 billion or more given Friday’s opening price for DWAC.

But the value of his forthcoming shares will be lower if DWAC shares do not recover before the merger is completed.

This is breaking news. Check back for updates.