Sad!

Digital World Acquisition Corp. (DWAC), a so-called special-purpose acquisition company, said in a regulatory filing that it has received termination notices from investors for $467 million of the funding. The remaining $533 million will be returned to investors, with DWAC CEO Eric Swider saying in a press release that the decision is a "positive development" as Trump's media group focuses on developing a "sustainable business model."

  CBS

In other words, another failed Trump venture.

The loss of funding for DWAC appears to be a step backward for the prospective merger between the company and Trump's media outfit, which runs Truth Social, a social media service with a conservative flavor. When the merger was first announced in 2021, it sparked an 800% surge in DWAC's shares, prompting comparisons to meme stocks.

The stock, which topped $100 in 2022, was at $15.40 ahead of the start of trade on Friday. Since then, however, the merger has faced numerous obstacles, including regulatory scrutiny.

[...]

With the loss of the funding, it's unclear how Trump's media group, called Trump Media & Technology Group, would finance its operations after the merger. The plan was that DWAC would provide TMTG with a deep pool of funds after the merger was completed.

But that merger has been delayed multiple times, most recently with DWAC shareholders in September approving a one-year extension of the merger deadline between the two companies. Without that extension, DWAC would have faced liquidation last month.

[...]

Swider noted in the statement that Trump's media group has a "reduced need for capital" and a "commitment to growing a sustainable business model."

Keep trying.

...but hey, do what you want...you will anyway.