Reuters exclusively reported that the blank-check acquisition firm Digital World Acquisition Corp failed to muster enough shareholder support for a proposal to extend its life by one year so it can complete a merger with former U.S. President Donald Trump’s social media company. At stake is a $1.3 billion cash infusion that Trump Media & Technology Group, which operates Trump’s Truth Social app, stands to receive from Digital World. Digital World subsequently confirmed it did not get enough shareholder votes in favor of the proposal and pushed back the vote deadline by two days. Shares of Digital World Acquisition Corp fell as much as 27% after Reuters revealed the news.
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