Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company public, is paring some gains, now up 2%, after a report on some issues with Trump's new social media platform Truth Social.
Truth Social has fallen to No. 57 in the App Store, behind Tinder and Planet Fitness Workouts and the "vast majority" of the people who have downloaded the app are still on a waitlist after it launched on Feb. 20, according to an Axios report.
Truth Social was the No. 1 most downloaded app in the App Store less than 48 hours after its launch last month. Trump, who has been banned from Twitter (NYSE:TWTR), Facebook (NASDAQ:FB) and Google (NASDAQ:GOOG), is marketing Truth Social as an alternative outlet to those social-media giants.
The Axios report also highlighted that Trump has still not posted on the social media platform since its launch even with Biden's State of the Union address on Tuesday night. Trump's Truth Social account has less than 80,000 followers vs the 88M followers he had on Twitter.
Digital World Acquisition (DWAC) saw a massive rally in wake of news that it will take Trump's new media company public via a SPAC merger. The stock gained more than 350% when the news was announced Oct. 21. DWAC shares have gained almost 90% this year.
Last week, Trump hinted at 2024 presidential run in radio interview.