Former President Donald Trump, who was banned from Twitter Inc (NYSE:TWTR) in the wake of the Jan. 6, 2021 Capitol insurrection for the glorification of violence, said Monday he will not be returning to the social media platform now that it is being acquired by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk.
What Happened: "The bottom line is, no, I am not going back to Twitter," the 75-year-old, twice-impeached former GOP president told Fox News Monday.
Instead, Trump said he will begin posting on his platform Truth Social, adding that he doesn't view Twitter as competition.
"I hope Elon buys Twitter because he’ll make improvements to it and he is a good man, but I am going to be staying on Truth."
Truth Social, which has had a bumpy rollout, is part of the Trump Media & Technology Group that is being taken public by the special purpose acquisition company Digital World Acquisition Corp (NASDAQ:DWAC). Shares of the SPAC plunged in Monday's session.
When Twitter banned Trump, the company's CFO said the move is permanent.
DWAC, TWTR Price Action: Digital World Acquisition Corp. shares lost 12.9% Monday, closing at $35.71, while Twitter shares gained 5.66%, closing at $51.70.
Photo: Courtesy of Gage Skidmore on Flickr
