Truth Social Set To Merge With Shell Company

Donald Trump's media venture, Trump Media & Technology Group, is poised to enter the stock market following approval from shareholders of Digital World Acquisition Corp. (DWAC), a publicly traded shell company, as reported by the Associated Press (AP).

The merger paves the way for Trump's social networking platform, Truth Social, to begin trading on the Nasdaq stock market.

The merger paves the way for Trump's social networking platform, Truth Social, to begin trading on the Nasdaq stock market.

Under the agreement, Trump would retain a significant stake in the combined entity, potentially amounting to nearly 79 million shares, valued at over $3 billion based on Digital World's closing stock price.

However, the announcement of the merger approval led to a 5% decline in Digital World's shares.

Trump's previous venture into the stock market with Trump Hotels and Casino Resorts ended in bankruptcy and delisting from the New York Stock Exchange. The DWAC deal imposes a six-month ban on selling the stock, restricting Trump from liquidating his holdings until after September 2024.

Furthermore, internal disputes among DWAC shareholders and federal investigations into the involvement of Russian oligarchs add complexity to the merger.

Additionally, Trump faced a court order requiring him to pay a $454 million fine in a New York civil fraud case, potentially risking his real estate assets if not settled by March 25, 2024.

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