(Reuters) – Shares in the blank-check company that will acquire former President Donald Trump’s social media company fell Monday following an impressive rally last week when a short seller claimed it was bet against the company.

Digital World Acquisition, an SPAC based in Miami, fell 10.98%. This is its first down session since Wednesday’s announcement that it would merge into Trump’s media firm to create the social media app TRUTH.

Stocks rose after the announcement, and are up more than 700% ever since.

Earlier on Monday, short seller Iceberg Research tweeted https://twitter.com/IcebergResear/status/1452699920641650690 it was betting against the company’s shares.

“We are short $DWAC. After the initial excitement, investors see only risk in the near future. Based on Trump’s track record, at current price, renegotiation is likely to keep more of the merged company for him,” Iceberg Research tweeted.

Iceberg is a WordPress blog that publishes research. It gained prominence in 2015 when it highlighted aggressive accounting practices of Noble Group, a Hong Kong-based commodity trader. Noble refuted the claims, but was later forced to liquidate most of its assets and saw its profits plummet.

It stated that the company was short AMC Entertainment, (NYSE:) holdings.

Digital World Acquisition’s latest surge recalls the 2021 meme stock frenzy, which saw an army of Reddit retail investors fuel hyper-rallies. GameStop Corp (NYSE:), AMC Entertainment Holdings, and other stocks

After hundreds of Trump supporters protested at U.S. Capitol, Twitter (NASDAQ:), Facebook and other social media platforms barred Trump from these services on January 6, 2017, thousands of them rioted.

TRUTH Social will launch a beta version next month, and then go live in full during the first quarter 2022.

The SPACs enable private companies to list their shares in public, without having to go through traditional initial public offerings.