Former U.S. President Donald Trump’s Truth Social media app saw its stock price drop significantly following a regulatory filing revealing details about its financial situation. The filing showed that Digital World Acquisition Corp., the special purpose acquisition company (SPAC) taking Truth Social public, had burn rates of $10.2 million per month in the third quarter of 2021. The filing also revealed that Truth Social had yet to generate any revenue. The news led to a sell-off of Digital World Acquisition Corp. stock, with shares dropping by more than 25% in after-hours trading.
