Jonathan
Raa
|
Nurphoto
|
Getty
Images
The
price
of
shares
in
Digital
World
Acquisition
Corp.
closed
trading
Friday
nearly
14%
lower
than
their
opening
price
after
the
shell
company’s
shareholders
approved
a
merger
with
the
social
media
company
owned
by
former
President
Donald
Trump.
DWAC
had
opened
the
trading
day
at
$44.20
per
share,
but
quickly
tumbled
on
the
heels
of
the
vote.
By
the
market
close,
DWAC
shares
were
selling
for
$36.94
per
share,
a
drop
of
$5.87,
or
13.71%
The
newly
merged
company,
Trump
Media,
could
begin
trading
under
the
new
ticker
DJT
next
week.
Trump
holds
a
majority
of
shares
in
the
new
company,
which
would
have
been
worth
$3
billion
or
more
given
Friday’s
opening
price
for
DWAC.
But
the
value
of
his
forthcoming
shares
will
be
lower
if
the
newly
designated
stock
does
not
return
to
its
opening
price
from
Friday
morning.
A
total
of
11%
of
the
tradable
shares
of
DWAC
are
being
sold
short,
FactSet
data
shows.
This
means
investors
holding
these
positions
are
betting
the
price
will
fall
before
they
have
to
buy
the
shares
back
and
return
them
to
the
entities
who
loaned
the
shares
to
them.
