A merger was approved on Friday that will make TRUTH Social parent company “Trump Media & Technology Group” a publically traded company; it will trade on the NASDAQ as “DJT.”
Donald Trump’s 78.7 million shares are estimated to be worth between $3 and $4 billion dollars.
From Fox Business:
Former President Trump, the presumptive 2024 GOP presidential nominee, holds 78.7 million shares in Trump Media & Technology Group. His personal stake in the company at its current stock price of approximately $44.17 would be worth between $3 billion and $4 billion.
There is a six-month lock-up on Trump’s shares, but the board could vote to waive that rule.
The merger brings Truth Social, which describes itself as a free-speech platform and a “safe harbor” from censorship on other Big Tech platforms, approximately $300 million to expand the platform.
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Trump Media & Technology Group (TMTG) merged with its SPAC, Digital World Acquisition Corp. after years of delay amid U.S. Securities and Exchange Commission investigations looking into alleged pre-targeting by DWAC. Pre-targeting refers to a SPAC discussing a potential merger with a merger target before they are allowed to hold those discussions.
More over at Fox Business:
BREAKING: Truth Social parent company Trump Media & Technology Group to become publicly traded company https://t.co/KyZK9P8ilq
— FOX Business (@FoxBusiness) March 22, 2024
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