Trump social-media company stock suffers ‘massive weekly decline’

A company linked to former president Donald Trump's new social media platform suffered "a massive weekly decline" in its stock price, according to Investor's Business Daily.

Digital World Acquisition (DWAC), which is set to merge with the Trump Media & Technology Group to form the Truth Social platform, finished at $67.75 per share on Friday, which represented a 25 percent decline for the week.

"Indeed, it is on track to finish more than 60% off its all-time high of 175, which it reached last Friday," Investor's Business Daily reported. "Digital World Acquisition skyrocketed last week on the news it will serve as a vehicle to take the Trump Media & Technology Group public via a merger. The SPAC stock is still up overall, after it traded at around the 10 level for much of October."

In related news, Truth Social reportedly could have its software license revoked in 30 days if it doesn't make its source code public.

"Mastodon is an open-source social media framework that aims to allow people to create online platforms without relying on big tech," Newsweek reported Friday. "However, its AGPLv3 license requires users to make the source code and any modifications public. In the Friday blog post, Mastodon's founder, Eugen Rochko, said that his company had warned Truth Social that its license could be permanently revoked within a month if it does not comply with this requirement."