Trump-linked SPAC slides 21% as some candidates endorsed by the former president flounder in midterm elections

• Digital World, the SPAC linked to Donald Trump, fell Wednesday in the wake of the 2022 mid-term elections.
• A number of Republican candidates backed by Trump lost their bids or were trailing in their races against Democrats.

Digital World Acquisition Corp. shares tumbled Wednesday, with the blank-check company linked to Donald Trump under pressure after a slate of candidates endorsed by the former president in 2022 midterm elections didn't clinch seats or trailed in their contests.

Shares of Digital World dropped 21% to $22.02 as trading got underway. The shares this year through Tuesday had lost roughly 45% as the SPAC tries to complete a merger with Trump's Truth Social media company.

Control of Congress was still being determined Wednesday morning with many races still too close to call. The Republican Party picked up three seats in the House of Representatives and the Democrats in Pennsylvania flipped a seat in the divided Senate as John Fetterman defeated Mehmet Oz, who was backed by Trump.

Trump was looking for electoral wins by his endorsed candidates to solidify his status as the frontrunner for the 2024 GOP nomination but Oz, along with other mid-term hopefuls supported by Trump, lost their bids. Don Bolduc, Trump's pick in the New Hampshire Senate race, failed to defeat Democratic incumbent Maggie Hassan.

In gubernatorial races, Pennsylvania Republican Doug Mastriano was defeated by Democrat Josh Shapiro, Tudor Dixon in Michigan lost to incumbent Gretchen Whitmer and Dan Cox failed to defeat Democrat Wes Moore.

Trump's picks in the Arizona gubernatorial and senate races, Kari Lake and Blake Masters, early Wednesday both were trailing Democratic candidates.

Shares of Digital World soared earlier this week after Trump at a rally in Florida suggested he will launch his bid to run for president in 2024 next week. But Trump may be facing competition for the Republican nomination from Ron DeSantis, who won re-election as Florida's governor Tuesday night.

"Between being Donald Trump and Ron DeSantis tonight, you want to be Ron DeSantis," Mick Mulvaney, Trump's former White House chief of staff and now CBS News contributor, said Tuesday."DeSantis wins tonight and Trump is not doing very well."

House candidates in Maryland, New Hampshire, Ohio and Virginia supported by the former president lost their bids. In Colorado, Lauren Boebert lost her House seat to Democrat Adam Frisch.

Not all of Trump's picks in the 2022 mid-terms were defeated. Republican J.D. Vance in Ohio won his Senate race against Congressman Tim Ryan. Ted Budd in North Carolina won a Senate seat against Democrat Cheri Beasley and in Alabama Republican Katie Britt won her Senate race.