Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company public, dropped 2.2%, on a report that Fox News is not on the Truth Social after news that it was on the platform on Tuesday. The stock was also down following Elon Musk's bid for Twitter (TWTR).

A Fox News spokesperson told Axios that Fox has nothing to do with the Truth Social account that was reported about on Tuesday. Fox News said it didn't authorize the account.

"We are not on Truth Social," the Fox News spokesperson told Axios.

Trump SPAC Digital World Acquisition jumped 5% on Tuesday after a report that Fox News was joining the Truth Social social media platform.

Trump, who has been banned from Twitter (TWTR), Facebook (FB) and Google (GOOGL), is marketing Truth Social as an alternative outlet to those social-media giants.

Shares of Digital World Acquisition (DWAC) have been hurt in recent weeks SPACs by fear of potential competition from Twitter (TWTR) due to Elon Musk's recently disclosed stake