Elon Musk’s quest to own Twitter caused a problem for Donald Trump’s social venture as the stocks for his SPAC (special purpose acquisition company) plunged 13% on Monday, closing at $35.71.

The shares fell for Digital World Acquisition Corporation, the controversial blank-check firm that plans to merge with Trump Media & Technology Group. Monday’s market figures are said to be the lowest level since the Trump deal was announced last October. 

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On Monday, Twitter announced plans to sell the company to Musk in a $44 billion deal. Musk pledged to take Twitter private and overhaul the company’s policies with an emphasis on protecting free speech.

As Twitter’s deal reached closer, the stocks went as low as 19%. 

Trump Media & Technology Group recently launched Truth Social, a Twitter copy aimed at conservatives whom the former US president claims Twitter has silenced.

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“There’s no need to download Truth Social if you can get it on Twitter,” Matthew Kennedy, senior IPO market strategist at Renaissance Capital, which provides IPO-focused ETFs and pro-IPO research said.

Digital World lost 44% of its value since Musk’s announcement. The special purpose acquisition company, or SPAC, closed at $63.25 on April 1.

Musk, a longtime critic of Twitter’s content moderation policies, has vowed to transform Twitter in part by bolstering free speech on the platform. 

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Meanwhile, Trump weighed in on the issue on Monday, telling Fox News he will not return to Twitter despite Musk’s takeover.

“I am not going on Twitter, I am going to stay on Truth,” Trump told Fox News. “I hope Elon buys Twitter because he’ll make improvements to it and he is a good man, but I am going to be staying on Truth.”

“I hope Elon buys Twitter because he’ll make improvements to it and he is a good man, but I am going to be staying on TRUTH,” the former president further said.

Below $36, the implied valuation of Trump Media & Technology Group has gone to roughly $7.7 billion, according to Kennedy of Renaissance Capital. That’s down sharply from around $13 billion before Musk disclosed his Twitter investment. 

“While the market apparently believes that a Twitter owned by Elon Musk dims the outlook of Truth Social, Trump still has some financial incentives to use Truth,” Kennedy said.