Trump's Social Media App Stock TANKS As Elon Musk Buys Twitter

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Shares of Digital World Acquisition - the company that bought Donald Trump's media company, including Truth Social - tanked into the single digits on Monday after it became official that Elon Musk was buying Twitter. In an effort to stop the bleeding, Devin Nunes declared in an interview that Truth Social was already beating Twitter in engagement, a claim that is demonstrably false. Ring of Fire's Farron Cousins explains what's happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

So Twitter has accepted Elon Musk's bid to buy out the company and not just buy it out, but also take it private. So Elon Musk is going to be the sole owner of Twitter. And after this news was announced on Monday that Twitter had accepted the deal, you know, tens of billions of dollars Elon is gonna pay for this. Something actually remarkable happened and that remarkable thing is that the stock for the company that is essentially merging with Donald Trump's media company, you know, the group that kind of owns truth social, yeah, their stock hit rock bottom. It fell more than 15% in a single day dropping by over $6 and finally hovering out around $35 per share. The important thing to remember is that when this special acquisition company, the digital world acquisition announced that they were merging Donald Trump's media empire into their own company.

Their stock was well over a hundred dollars a share. And now that Elon Musk is buying Twitter, they're sitting at like $35 per share. They have lost more than 20% of their overall value in just 2022 alone. So average that out, they're losing about 5% of their value every single month of this year. And of course it's only getting worse for them as time goes on. And of course, Musk buying Twitter, conservatives are rejoicing about that because they think he's gonna be some kind of free speech warrior, which shows that they know absolutely nothing about Elon Musk. I know he has pledged to be all about free speech, totally free and, uh, just ignore the time I canceled personally canceled a guy's Tesla order because he criticized me in his blog.

Forget about the time that an employee with a YouTube channel criticized the company and I fired them. Yeah, I'm totally a free speech activist. As long as you don't criticize me. Then of course, you know, first amendment be damned. I'm gonna come after you and punish you because I don't like what you're saying. That's the guy that's going to buy Twitter. And conservatives think that this is some kind of beacon of free speech. No, what they're really hoping is that he's on their side, right? That he's not gonna ban them instead he's gonna ban people on the left, which remains to be seen. Obviously he does not own Twitter yet, but he will very soon. And once that deal is finalized, I think we can go ahead and expect stock with Donald Trump's truth social to tank even further.

Trump has admitted, however, told Fox news yesterday that even if Elon Musk lets him back on Twitter, he's not coming back. Devin Nunes was in the media yesterday saying, ah, Twitter's a dead space anyway. Truth social has more engagements than they do on a daily basis, which is demonstrably false. Truth social does not have more engagements than Twitter. Twitter is one of the most popular websites on the planet. And Devon Nunes is out there saying, oh yeah, true social is totally bigger than Twitter. Um, by the way, Nunes as the CEO of that company, a company that is publicly traded, thanks to the digital world acquisition, you could actually get in legal trouble for making claims like that. Making false claims on the air about a company that could be seen as trying to artificially drive up the stock price.

So Nunes could find himself in hot water and in fact, he already has with regards to doing that exact.