The SPAC taking Trump's Truth Social public slides 11% as 2 key executives reportedly depart the social media app

• 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 Digital World Acquisition Corp. slumped as much as 11% Monday following a Reuters report that two executives overseeing the buildup of Donald Trump's Truth Social social media startup have left.

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.

Digital World Acquisition Corp., the special purpose acquisition taking the Trump Media & Technology Group public, dropped as much as 14% before the opening bell to $54.15, the lowest price since January 10. The shares later pared the decline to 11%. The conservative social-media platform launched in February.

"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. Bloomberg last week reported 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.