On Friday, shareholders voted in favor of making Trump Media & Technology Group, the parent company of Truth Social, a publicly traded entity.
According to Fox Business, shareholders voted in favor of Trump Media & Technology Group (TMTG) merging with its special purpose acquisition company (SPAC) Digital World Acquisition Corp., a publicly traded shell company.
Last month, though, the SEC approved the merger.
Trump Media & Technology Group first launched in October 2021.
Trump launched Truth Social in February 2022, a year after he was banned from platforms such as then-Twitter, Facebook, and Instagram, following Jan. 6, 2021. Those bans have been lifted but the former President has refused to rejoin.
Fox Business has more:
The merger approval means TMTG stock will trade on Nasdaq as “DJT” as early as next week.
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.
The deal’s approval comes as Mr. Trump is facing a Monday deadline to cover a $454 million penalty in a civil fraud case in New York.
Article Published With The Permission of Great America News Desk.
