"SPAC Returns $533 Million Raised for Trump Social Media Deal"

Digital World Acquisition Corp (DWAC), the blank-check acquisition company planning to merge with Donald Trump's social media firm, has announced that it will return $533 million raised for a cash infusion in the deal, after some investors backtracked on another $467 million of commitments. This development casts doubt on whether the merger will proceed, leaving DWAC with $293 million in cash from its initial public offering. The amended merger agreement includes an option for either party to terminate the deal if they no longer believe it will benefit shareholders. DWAC has faced challenges, including investigations by the U.S. Department of Justice and the Securities and Exchange Commission, CEO ousting, and board shakeup.