"Trump's DWAC Stock Tumbles as Social Media Merger Approval Fails to Solve Cash Crunch"
Digital World Acquisition Corp. (DWAC) stock fell over 12% after shareholders approved a merger with Donald Trump's social media company, causing the share price to drop to below $38 from an opening of $44.20. The newly merged company, Trump Media, may start trading under the ticker DJT next week, with Trump holding a majority of shares worth $3 billion or more. However, the value of his shares could be lower if DWAC shares don't recover before the merger. Additionally, 11% of DWAC shares are being sold short, indicating investor bets on a price decline.