Donald Trump’s conservative social media platform Truth Social will become a listed company As early as next week. Digital World Acquisition Corp (DWAC) shareholders approved its merger with Trump Media and Technology Group on Friday morning, first reported CNBC.
At a critical moment for the former president, Trump Media is becoming a publicly traded company under the ticker DJT.Attorney General Letitia James is preparing Occupying Trump’s New York golf courses and private properties According to CNN, if he cannot pay $454 million in legal fees. Trump has reportedly approached 30 companies to obtain loans to pay off his massive judgment in New York, but none have provided him with a bond.
The Truth Society has been a lifeline for Donald Trump many times, but Now more than ever. The Twitter clone has given Trump a platform to preach since its launch in 2022 and now provides him with a flood of cash. The former president will receive more than $3 billion from Trump Media becoming a public company, based on DWAC’s stock price Friday morning. Under this arrangement, Trump would own at least 58% of the listed company.
The merger of DWAC and Trump Media comes with a six-month lockup agreement for the major shareholders, meaning Trump cannot immediately sell his position in the company. However, board members can sign a waiver allowing Trump to exit the lock-up agreement early. Given that the former president is the star of the operation and the stakes are so high, it’s unlikely the board will explore this option.
Reddit This week it became the first social media company to IPO in five years, following Pinterest in 2019. Trump Media is not an IPO, but a merger with an already public company. However, Truth Social will be the second major social media company to go public this year.
The former president is Trump Media’s largest shareholder, but his financial stake depends largely on the stock price. DJT has the potential to become a meme stock, and it’s often cited on the notorious stock trading subreddit r/wallstreetbets. If it becomes an emoji stock, the stock price is likely to fluctuate significantly.Recently on Reddit call yourself out In its IPO filing, it has the potential to become a meme stock.