Trump-Tied SPAC Slumps After Reports Shareholders Approve Deal

Investors dumped shares of Digital World Acquisition Corp., the blank-check firm set to merge with former president Donald Trump’s social media company, after reports that it got enough shareholder support for the deal.

The approval clears a near-final hurdle for Trump Media & Technology Group to go public after more than two years of snags. The shares erased a 12% gain on Friday, dropping 7.94%, after the approval went through as expected. Warrants tied to the SPAC slipped 5.6% to $18.50.

Representatives for Digital World and Trump Media didn’t immediately respond to requests for comment.

DWAC shares have been ...