JUST IN: Trump Social Media Company to Go Public – A Deal That Could Net Trump $3 Billion+ Windfall
Shareholders on Friday voted to take Trump’s social media company public.
Investors in Digital World Acquisition Corporation ($DWAC) approved the special purpose acquisition company (SPAC) to merge with Trump Media & Technology Group, the parent company of Truth Social, to become a newly combined publicly traded entity.
The new entity will publicly trade under the stock symbol $DJT as early as next week.
$DJT will debut with a market value of more than $5 billion and President Trump’s 60 percent stake of the company could be worth about $3 billion.
Trump will have 80 million shares but he will be barred from selling them for at least 6 months.
The board of directors however could vote to allow Trump to sell his shares earlier.
CNBC reported:
Shareholders in Digital World Acquisition Corporation voted Friday to approve a merger with Donald Trump’s social media company, a deal that could net the former president an eventual windfall of $3 billion or more.
The vote by DWAC shareholders comes about two-and-a-half years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns the Truth Social app platform.
It also comes as Trump faces the possibility that New York Attorney General Letitia James on Monday will start trying to collect on a massive $454 million civil fraud judgment against him.
Shares in the newly combined company, Trump Media, could begin to be publicly traded next week under the stock symbol DJT, Trump’s initials.
The post JUST IN: Trump Social Media Company to Go Public – A Deal That Could Net Trump $3 Billion+ Windfall appeared first on The Gateway Pundit.