Digital World Acquisition Corp. DWAC, stock surged Friday, first rising 17% in after-hours trading, and then surging almost 36%, following news of Elon Musk’s withdrawal from his attempted Twitter takeover.

Musk announced he was ending his attempt to acquire Twitter due to the social media giant refusing to share critical information with his team that would allow them to accurately estimate the number of bot and spam accounts. Such a calculation was crucial to allow Musk to value the company. Musk has alleged that spam and bot accounts comprise a large portion of twitters user accounts, and thus are useless for advertising to, or generating revenue from. Without a firm idea of just how many accounts are fraudulent, he cannot assess the business.

DWAC is a special purpose acquisition company which was set up to help former President Donald Trump’s social media company go public. President Trump, after being banned from Twitter, set up a Twitter alternative under the auspices of the Trump Media and Technology Group. Its Truth Social App, a direct competitor to Twitter, advertised that it, “encourages an open, free, and honest global conversation without discriminating on the basis of political ideology.”

As Twitter engaged in censorship of various ideologies and issue positions, users who supported those ideas and issues fled to other social media companies, Truth Social now most prominent among them.

For his part, Musk’s potential takeover of Twitter promised to reduce censorship on the platform, perhaps reducing user outflow to other platforms, and increasing profitability through revising the company’s business plan with new and creative monetization schemes.

Now, as Musk withdraws from the deal, alleging Twitter may have an issue with bots and spam accounts, Twitter both, appears more likely to censor users and drive them to other platforms, and it appears more likely to have fewer users than investors had been valuing it upon. Twitter suddenly looks like a much less threatening competitor to President Trump’s new platform, and thus DWAC is surging, as Twitter appears set for a collapse.