Trump-Tied SPAC Sinks as Truth Social Downloads Slump 95%

Shares of the blank-check firm bringing Donald Trump’s media venture public are sinking with daily downloads for the former president’s social media app declining 95% since launching last month.

Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media & Technology Group, has shed 31% of its value since shares soared late in February when the Truth Social app launched on the Apple App Store.

Downloads have slowly declined to 8,000 per day from an initial boom of 170,000, according to research firm Apptopia. The number of daily-active users on Apple devices over the past week ...