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Trump Media merger approved, providing new source of cash

Former President Donald J. Trump's social media company completed a long-awaited merger with a cash-rich shell company on Friday, increasing Mr. Trump's wealth by billions and potentially providing him with a new source of cash to pay his mounting legal bills.

By approving the merger, shareholders of Digital World Acquisition Corporation will become shareholders of Trump Media & Technology Group, which will trade publicly under the ticker symbol DJT. The deal will inject more than $300 million into Trump Media, which has nearly exhausted its available cash, and allow Truth Social, the company's flagship digital media platform, to continue operating.

Based on Digital World's stock price of $44 per share just before the vote was announced, Trump Media will debut with a market value of more than $5 billion. That means Mr. Trump's personal stake will be worth more than $3 billion.

Trump Media shares could begin trading under the new ticker symbol as early as next week.

The deal's approval comes as Mr. Trump faces a Monday deadline to pay a $454 million fine in a civil fraud case in New York. He is prohibited for six months from selling his shares or using them as security for a loan, although he can ask the board of directors of the merged company to waive this rule for him.

Trump Media said in a statement before the vote that “the merger will allow Truth Social to improve and expand our platform.”

This is breaking news. Check back for updates.

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