- DWAC shares slumped as much as 11% Monday after Reuters reported two execs at Trump's
Truth Social app have left. - DWAC is the SPAC taking Trump's media and technology company public.
Shares of $4. slumped as much as 11% Monday following $4 that two executives overseeing the buildup of
Josh Adams and Billy Boozer, who served as Truth Social's chief technology officer and chief product developer, respectively, have left their posts after less than a year, two unnamed sources familiar with the venture told Reuters.
"If Josh has left… all bets are off," one source told Reuters, calling Adams the "brains" behind Truth Social's technology.
Another source said Boozer had been running management across technology infrastructure, design and development teams. Reuters said it couldn't determine the specific circumstances behind the executives' resignations, whether they have been replaced or their duties reassigned, or if Adams and Boozer are working on the venture in different capacities.
News of the resignations follows a sharp slide in DWAC shares in recent sessions. $4 that daily downloads of Trump's Truth Social app have tumbled by as much as 95% in recent weeks, with that reporting citing data from Apptopia. It is not yet available on Android devices, and its inclusion there could bring in millions of downloads.