Stock tied to Trump's social media empire plunges on news of Elon Musk Twitter deal: report

According to a report from CNBC, the stock tied to Donald Trump's media empire fell on Monday after reports came out that billionaire Elon Musk may be assuming control of Twitter.

Trump's "Truth Social" has been struggling with declining interest and executive departures, and news that the high-profile Musk could be entering the field caused "shares of Digital World Acquisition Corp., the blank-check company poised to take Donald Trump’s media venture public" to fall.

As of noon on Monday, the stock had fallen almost 15 percent, with shares trading at $35.18, down $6.15.

According to CNBC, "The stock is down more than 20% year to date. The special purpose acquisition company is on track to merge with the former president’s Trump Media & Technology Group."