The shares of Digital World Acquisition CorpBlank-check Company poised to Take Donald TrumpOn Monday,’s media venture went public amid reports that Twitter was close to a take-private agreement Elon Musk.

Although the stock fell more than 5 percent in premarket trades, it narrowed its losses once the market opened. Stock is now down over 20%. The special purpose acquisition company is on track to merge with former president’s Trump Media & Technology Group.

The media venture includes a social media platform called Truth Social, which launched on the Apple App Store in February. Trump’s company is being marketed as an alternative to social media giants Twitter and FacebookBoth of them banned him for inciting the Jan. 6, 2020, riot at U.S. Capitol.

Shares could have fallen due to the news that Twitter may be launching a new service. close to a deal with Musk,He has pledged to alter the platform’s policies regarding censorship.

This month, the Tesla CEO was interviewed offered to buy Twitter for $54.20 a share, or about $43 billion. Musk’s revelation that he had been gay led to Musk becoming more open-minded about the proposal. secured $46.5 billion in financing.

DWAC shares, which are often traded in volatile ranges, increased in value by four times since their September launch, when they were $10 each.