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DWAC stock tumbles more than 12% after Trump social media merger approved by shareholders

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Donald Trump stands to reap a windfall of $3 billion or more after Digital World Acquisition Corp. shareholders voted to merger with his social media company.

The price of shares in Digital World Acquisition Corp. fell by more than 12% after the shell company's shareholders approved a merger with the social media company owned by Donald Trump.The newly merged company, Trump Media, could begin trading under the new ticker DJT next week.DWAC had opened the trading day at $44.20 per share, but tumbled to below $38 at some points after the vote. By noon ET, the share price was down about 3.5% from the open price.Sign up for NBC New York newsletters.

But the value of his forthcoming shares will be lower if DWAC shares do not recover before the merger is completed.

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