The stock price of the blank-check company that has partnered with ex-President Donald Trump's social media firm plunged Monday in late-day trading as news of the delay in the app's launch spread on Twitter.
The company, Digital World Acquisition Corp., opened trading Monday at $87.02 per share, and spiked to as high as $97.15 earlier Monday. But the stock price began plunging around 3:30 p.m. ET, and fell to as low as $80.45 per share.
DWAC closed the trading day at $83.88 per share.
Though the stock drop was triggered as word of the delayed launch of Truth Social spread Monday, the postponement of Trump's version of Twitter had been announced last month.
In early January, Truth Social indicated on the Apple App Store that it would launch on Feb. 21.
But Devin Nunes, the recently appointed Trump Media and Technology Group CEO, during an appearance on Jan. 23 on Fox Business said that the app would be released by March 31.
Nunes, a California Republican who until January served in the House of Representatives, cited the need to finish ongoing beta testing as the reason for the delay.