JUST IN: Trump Social Media Company to Go Public – A Deal That Could Net Trump $3 Billion+ Windfall
Truth Social/Getty Images
Shareholders on Friday voted to take Trump’s social media company public.
Investors in Digital World Acquisition Corporation ($DWAC) approved the special purpose acquisition company (SPAC) to merge with Trump Media & Technology Group, the parent company of Truth Social, to become a newly combined publicly traded entity.
The new entity will publicly trade under the stock symbol $DJT as early as next week.
$DJT will debut with a market value of more than $5 billion and President Trump’s 60 percent stake of the company could be worth about $3 billion.
Trump will have 80 million shares but he will be barred from selling them for at least 6 months.
The board of directors however could vote to allow Trump to sell his shares earlier.
