Donald Trump is fighting to get his media company off the ground and into public markets, but Tesla CEO Elon Musk keeps getting in his way with his effort to buy Twitter (TWTR).

Shares of Digital World Acquisition Company (DWAC) — the blank-check company aiming to merge with Trump’s Truth Social — dropped over 4% on Tuesday on the news that Musk was reversing course and planned to purchase Twitter for $44 billion after initially trying to back out of the deal in July.

Tuesday’s decline is just the latest setback for Trump. The Trump Media & Technology Group (TMTG), which operates Truth Social, has confronted a range of obstacles in recent months. Those include a Securities and Exchange Commission probe into possible wrongdoing; reported financial troubles within the company; and an ice-cold special purpose acquisition company (SPAC) market.

And that all came before Elon Musk filed a letter Tuesday seeking to buy Twitter on the original terms he agreed to, reviving questions about whether Trump and other conservatives will flock back. The Tesla (TSLA) CEO has signaled his inclination to allow posting with little controls such as fact-checking or consequences for expressing hateful views if he runs the company.

While Trump has repeatedly said he won’t return to Twitter, many doubt his word. In a note to investors this week, MKM Partners predicted he'd return. Kevin Roose at The New York Times also anticipates Trump will come back to Twitter almost immediately, "no matter how much fun he's having on Truth Social."

If Trump does go back to tweeting, his presence could severely undercut the Truth Social app, which the former president currently uses as his online megaphone. Trump's return could also spell trouble for other conservative social media sites that have emerged since mainstream outlets banned the former president on the grounds that he incited the Jan. 6, 2021 attack on the Capitol.

The outlook for DWAC, which aims to merge with Trump's Truth Social, looks particularly bleak. DWAC's 52-week-high hit $175, but the stock was trading Wednesday at around $17 a share. Meanwhile, shares of Twitter have surged on the news of Musk's plans, ending Tuesday up 22%.