The shares of Digital World Acquisition Corp. (DWAC), the special purpose acquisition company with plans to merge with former President Donald Trump's social media site Truth Social, were up 17% on Monday.
The Met Gala will be held in the year 2022.
After billionaire Musk said on Friday that he would back out of his deal to buy the platform, the share price of the social networking site fell.
Musk said the social media company gave him incomplete or useless information.
Two weeks ago, DWAC shares plummeted after a federal grand jury subpoenaed the company's board of directors.
After the merger plans were announced, DWAC traded as high as $175 per share. The blank check company was under investigation by the SEC. The stock is trading at $30.
In October of last year, Trump announced plans to create his own social media site to compete with the liberals. Following the January 6 insurrection, he was banned from several major platforms. All members of DWAC's board have been subpoenaed by a grand jury. The SEC and the grand jury are looking for documents and communications from DWAC regarding the transaction. The SEC launched an investigation into DWAC after it was reported that President Donald Trump met with the company's CEO before it went public. SEC rules prevent SPACs from identifying a target company before they raise money.
It is not known if the takeover of Twitter by Musk would cause problems for Truth Social, a site that Trump has proposed as a free speech alternative to social media giants. If his deal went through, Musk said he would lift the ban on Trump. The board of the company approved Musk's offer to buy it in April, but he had threatened to walk away from it. The company plans to take legal action in order to get Musk to go through with the deal.
It was not right to ban Donald Trump. In May, Musk said that it was a mistake that Donald Trump didn't have a voice in the election.
After Federal Grand Jury Issues Subpoenas, the shares of Trump's Truth Social SPAC plummeted.
ThePlatform plans legal action on the deal that MuskTerminating.
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