Trump’s SPAC lost close to $200 million in stock purchases.

Digital World Acquisition Corp., the SPAC seeking to merge with Donald Trump’s Truth Social media platform, is facing significant challenges. Investors have terminated $191.5 million in planned investments, adding to the cancellation of $467 million out of the initial $1 billion commitment.

Additionally, the company admitted to internal accounting weaknesses in its unaudited quarterly financial statements from last year. Despite these hurdles, both Digital World Acquisition Corp. and Trump Media & Technology Group expressed their desire to cancel all outstanding private investment in public equity (PIPE) investments.

The uncertainty surrounding the merger and the challenges faced by Digital World Acquisition Corp. have resulted in a sharp decline in the company’s shares.