Trump Media & Technology group, the corporate behind Truth Social, has been permitted for a merger with the Digital World Acquisition Corporation. Shareholders of the DWAC voted on Friday March 22 to approve the merger, and it’s estimated that this deal can internet Trump greater than $3 billion {dollars}.
This vote has been over two years within the making, with the DWAC first saying its intention to merge with Trump Media & Technology Group again in 2021. From right here on, the newly-merged firm might start to be publicly traded as quickly as subsequent week, with DJT, Donald Trump’s initials, getting used because the inventory image.
Can Donald Trump money in?
But Trump won’t have the ability to money in on this payday straight away. That’s as a result of he’s meant to be barred from promoting shares for a minimum of six months, however as NBC notes, there’s an opportunity the board may elevate this restriction sooner, with board members probably together with allies equivalent to Roger Lighthizer, Linda McMahon, and his son, Donald Trump Jr.
Yet, after the merger received permitted, Digital World Acquisition Corp’s share worth dropped by as much as 12%. As beforehand reported, insiders declare that Trump spoke to Elon Musk about him probably buying Truth Social.
Per the Truth Social web site, the divisive social media website is described as: “America’s ‘Big Tent’ social media platform that encourages an open, free, and honest global conversation without discriminating on the basis of political ideology.”
Trump just lately posted on the platform about how Meta, the corporate behind Facebook and Instagram, is an “enemy of the people”. This led to Meta’s inventory experiencing a drop, exhibiting that even when he’s barred from promoting shares for some time, he nonetheless has a formidable affect within the wider inventory market.
Featured picture: Ideogram