Truth Social parent company Trump Media & Technology Group to become publicly traded company
Shareholders on Friday voted to make Trump Media & Technology Group, the parent company of Truth Social, a publicly traded entity, Fox News Digital has learned.
Shareholders voted in favor of Trump Media & Technology Group (TMTG) merging with its special purpose acquisition company (SPAC) Digital World Acquisition Corp., a publicly traded shell company.
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The merger approval means TMTG stock will trade on Nasdaq as "DJT" as early as next week.
Former President Trump, the presumptive 2024 GOP presidential nominee, holds 78.7 million shares in Trump Media & Technology Group. His personal stake in the company at its current stock price of approximately $44.17 would be worth between $3 billion and $4 billion.
There is a six-month lock-up on Trump's shares, but the board could vote to waive that rule.
The merger brings Truth Social, which describes itself as a free-speech platform and a "safe harbor" from censorship on other Big Tech platforms, approximately $300 million to expand the platform.
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TMTG's CEO is Devin Nunes, who joined the company in December 2021 after retiring from nearly two decades in Congress.
Trump Media & Technology Group (TMTG) merged with its SPAC, Digital World Acquisition Corp. after years of delay amid U.S. Securities and Exchange Commission investigations looking into alleged pre-targeting by DWAC. Pre-targeting refers to a SPAC discussing a potential merger with a merger target before they are allowed to hold those discussions.
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Last month, though, the SEC approved the merger.
Trump Media & Technology Group first launched in October 2021.
Trump launched Truth Social in February 2022, a year after he was banned from platforms such as then-Twitter, now-X; Facebook; and Instagram, following Jan. 6, 2021. Those bans have been lifted.
The Truth Social platform has millions of users, including President Biden's re-election campaign.