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donald trump Social media company Truth Social completed a merger Friday morning that could net the former president more than $3 billion.
Shareholders of Digital World Acquisition Corporation — a special purpose acquisition company — approved a merger with Trump Media & Technology Group, owner of Truth Social.
The company may begin trading as a public company, under the ticker symbol DJT on Nasdaq, next week.
DWAC stock is currently around $40 per share.
Since Trump owns 58.1% of the company’s common stock, the former president will earn more than $3 billion from the deal, depending on how the shares ultimately trade. Experts say it represents a staggering valuation for a social media company that ranks below major competitors like Facebook, X and TikTok.
However, the deal currently includes a blocking provision that prevents Trump from immediately selling or taking out loans based on his actions, potentially limiting Trump’s ability to use the windfall as collateral for a bond at his fraud sentencing. civil of 464 million dollars.
Trump faces a Monday deadline to obtain financial security to cover the sentence, after a New York judge ordered him in February to pay $464 million in restitution and pre-judgment interest when he found that the former president and his children adults were responsible for the use of “numerous acts of fraud and misrepresentation” to inflate your net worth to obtain more favorable loan conditions.
Trump has denied wrongdoing and has appealed the decision in the case.
A representative of Trump Media & Technology Group did not immediately respond to a request for comment from ABC News.
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