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Truth Social To Go Public After Investors Approve Merger, Could Net Trump Billions

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Truth Social To Go Public After Investors Approve Merger, Could Net Trump Billions

by Daily Caller News Foundation
June 5, 2024
in News, Wire
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Truth Social To Go Public After Investors Approve Merger, Could Net Trump Billions
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Daily Caller News Foundation

Shareholders of Digital World Acquisition Corporation (DWAC) voted to approve a merger with Trump Media & Technology Group (TMTG) on Friday, potentially netting billions of dollars to former President Donald Trump, Axios reported.

The vote to approve the merger with TMTG, the parent company of Truth Social, could give Trump almost 79 million shares of stock in the entity, worth over $3 billion, The Hill reported. Former Republican Rep. Devin Nunes of California will serve as CEO of TMTG, according to Axios.

While Trump is barred from selling shares for six months, he could receive a waiver to sell from the board, Axios reported.

🚨BREAKING: Shareholders have just voted to make Trump Media & Technology Group, the parent company of Truth Social, a publicly traded company. This could net Trump a windfall of $4 billion. The President would need to seek a waiver to liquidate his stock before the end of a…

— Charlie Kirk (@charliekirk11) March 22, 2024

The merger comes as Trump faces a Monday deadline to post an appeals bond of over $450 million to cover the judgmentin a civil fraud case issued by New York Judge Arthur Engoron.

Trump announced he would start the social media company in October 2021, months after being banned from Twitter and other social media sites in the wake of the January 6, 2021, riot at the Capitol building.

Twitter reinstated Trump in November 2022 following an online poll by Elon Musk, who completed the acquisition of the social media site in October of that year.

The Trump Media and Technology Group did not immediately respond to a request for comment from the Daily Caller News Foundation.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Tags: DCNFtechnologyU.S. News
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