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Shareholders Approve Merger to Take Trump Media Public
On Friday, shareholders voted in favor of taking Trump’s social media company public. Digital World Acquisition Corporation investors gave the green light for the special purpose acquisition company (SPAC) to merge with Trump Media & Technology Group, the entity behind Truth Social. This move will create a newly combined publicly traded entity.
The new entity is set to trade publicly using the stock symbol $DJT as early as the coming week. It is estimated to debut with a market value exceeding $5 billion. President Trump’s significant 60 percent stake in the company could potentially be valued at around $3 billion. Although Trump holds 80 million shares, he will be restricted from selling them for a minimum of 6 months.
However, the board of directors maintains the authority to vote on allowing Trump to sell his shares before the stipulated period. According to a report by CNBC:
Shareholders of Digital World Acquisition Corporation voted on Friday to authorize a merger with Donald Trump’s social media enterprise. This deal might lead to the former president eventually securing a windfall of $3 billion or more. The approval from DWAC shareholders materialized around two-and-a-half years following the announcement of plans to merge with Trump Media & Technology Group, the private entity that controls the Truth Social app platform. This development coincides with Trump possibly facing efforts by New York Attorney General Letitia James to begin the process of collecting a substantial $454 million civil fraud judgment against him. Shares in the newly amalgamated company, Trump Media, could enter public trading as early as next week using the stock symbol DJT, derived from Trump’s initials.
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