Trump SPAC Digital World Acquisition stock sinks, down 36% over past week (NASDAQ:DWAC)

Update 9:53pm: Updates with closing share price.

Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump’s social media company public, fell 13% Monday and has now fallen 36% in the past week after hitting a high of $97.25.

Trump’s new social media platform Truth Social officially launched last month at the end of President’s Day weekend, which sent the SPAC’s shares up 10% on the platform’s first full day on Feb. 21. DWAC shares have dropped 33% this month through through Monday.

Truth Social was the No. 1 most downloaded app in the App Store less than 48 hours after its launch last month. Trump, who has been banned from Twitter (NYSE:TWTR), Facebook (NASDAQ:FB) and Google (NASDAQ:GOOGL), is marketing Truth Social as an alternative outlet to those social-media giants. As of Monday , Truth Social is listed as the No. 141 on the top free apps in the App store.

Earlier this month Axios posted a story that highlighted that the “vast majority” of the people who have downloaded the app are still on a waitlist after it launched last month. In addition, Trump’s Truth Social account had less than 80,000 followers at the time vs the 88M followers he had on Twitter.

Digital World Acquisition (DWAC) saw a massive rally in wake of news that it will take Trump’s new media company public via a SPAC merger. The stock gained more than 350% when the news was announced Oct. 21. DWAC shares have gained almost 90% this year.

Digital World Acquisition (DWAC), like Trump, is not without controversy..DWAC disclosed in late October that it was being investigated by the Securities and Exchange Commission and FINRA. The disclosure about the regulatory probes came after Sen. Elizabeth Warren (D-MA) sent a letter to SEC Chairman Gary Gensler requesting that the agency investigate the transaction.

The Warren request followed a New York Times report that Trump’s deal with DWAC may have skirted securities laws. The former president began discussing a potential deal with Patrick Orlando, the founder of the Digital World SPAC, at least in March, according to the report, well before DWAC went public in September.