Former President Donald Trump could soon receive a windfall valued as much as $3.5 billion, with shareholders of a publicly traded funding partner voting Friday on whether to merge with his Trump Media & Technology Group.
The vote is taking place about one month after the two companies received regulatory approval to proceed with the long-delayed merger.
If shareholders of Digital World Acquisition Corp. (DWAC) approve, the businesses could combine soon afterward, putting the former president’s Truth Social social media platform on the stock market. Trump created Truth Social as a conservative-focused social media service after he was banned from Twitter, now known as X, and other platforms following the January 6th riot.
Digital World is a special purpose acquisition company, or SPAC, a shell company that is created to take a private business public without conducting an initial public offering.
The new company would be renamed Trump Media & Technology Group Corp. and trade under the stock ticker DJT, the same letters as Trump’s initials, according to regulatory filings.
Trump stands to make a fortune from the pending deal, given that he would control 78.8 million shares of the newly merged company, or about 58% of the business. Based on DWAC’s current stock price, that