Former President Donald Trump’s social media company, Truth Social, recently completed a merger that could potentially earn him over $3 billion. Shareholders of Digital World Acquisition Corporation approved the merger with Trump’s media and technology group, paving the way for Truth Social to begin trading publicly on Nasdaq as early as next week.
With Trump holding 58.1% of the common stock in the company, the ex-president could stand to make a significant financial gain from the deal, given that the current share price of DWAC is around $40 per share. Despite the promising valuation of the social media company, there are limitations in place that prevent Trump from immediately cashing in on the deal due to a lockout provision, which could impact his ability to use the windfall as collateral to cover a $464 million civil fraud judgment.
Trump currently faces a deadline to secure a financial guarantee to cover the judgment, following a court ruling that held him and his adult sons liable for fraudulent acts to bolster his net worth. Trump has maintained his innocence and is appealing the decision, as a representative for Trump Media & Technology Group declined to provide a comment on the matter when contacted by ABC News.
