by WorldTribune Staff / 247 Real News March 27, 2024
Trump Media and Technology Group, former President Donald Trump‘s social media company which launched the Truth Social platform, went public Tuesday after its high-profile merger with Digital World Acquisition Corp., a shell company.
The merged company will begin trading on the Nasdaq exchange under the ticker symbol “DJT.”
Shareholders agreed to the merger between Trump Media and Technology Group and DWAC on Friday after legal wrangling and an inquiry from the Securities and Exchange Commission.
Trump owns nearly 60% of shares in Trump Media, a stake that could be worth more than $3 billion.
A lockup provision prevents Trump from selling his shares in the merged company for six months unless shareholders grant him a waiver, and it is unclear if he can leverage his shares for a loan to pay his legal debts.
Shares of Digital World Acquisition Corp. soared 35% after a court sharply reduced the bond Trump has to pay to appeal a New York civil fraud ruling.
The board is expected to include several people close to Trump, including his son Donald Trump Jr. and Trump’s former trade representative, Robert Lighthizer.
A potential windfall from selling shares could help pay for Trump’s legal bills and damage judgments of over $500 million in three separate cases.
