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Trump Media & Technology group, the company behind Truth Social, has been approved 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 net Trump more than $3 billion dollars.
This vote has been over two years in the making, with the DWAC first announcing its intention to merge with Trump Media & Technology Group back in 2021. From here on, the newly-merged company may begin to be publicly traded as soon as next week, with DJT, Donald Trump’s initials, being used as the stock symbol.
Can Donald Trump cash in?
But Trump might not be able to cash in on this payday right away. That’s because he is meant to be barred from selling shares for at least six months, but as NBC notes, there’s a chance the board might lift this restriction sooner, with board members potentially including allies such as Roger Lighthizer, Linda McMahon, and his son, Donald Trump Jr.
Yet, after the merger got approved, Digital World Acquisition Corp’s share price dropped by up to 12%. As previously reported, insiders claim that Trump spoke to Elon Musk about him potentially purchasing Truth Social.
Per the Truth Social website, the divisive social media site 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 recently posted on the platform about how Meta, the company behind Facebook and Instagram, is an “enemy of the people”. This led to Meta’s stock experiencing a drop, showing that even if he is barred from selling shares for a while, he still has a formidable influence in the wider stock market.
Featured image: Ideogram
