Truth Social parent company Trump Media & Technology Group was approved to move forward with a merger with its special purpose acquisition company Digital World Acquisition Corp. on Friday, which is expected to result in a major boost for Donald Trump’s net worth.
Digital World Acquisition Corp. is a shell company. With the completion of the merger, the entity will be publicly traded on the NASDAQ as DJT — former President Donald Trump’s initials. It could be open for buying and selling shares this Monday.
The ticker symbol is hoped to attract investor interest, as many buyers may see it as a way to support their favored political candidate.
Trump currently owns 69% of the company’s shares with the current stock price at around $44.17 and stands to increase his net worth by up to $4 billion.
It is speculated that Trump may want to immediately sell his shares in order to generate funds for both his campaign as well as to pay legal fines and penalties that have been inflicted on him by a vengeful and politicized court system. Trump has been ordered to pay nearly half a billion dollars in fines by New York Attorney General Letitia James.
Trump outmaneuvers political enemies, increases his net worth by $3 Billion or more!https://t.co/oOMIHS8HIv
— Michael Savage (@ASavageNation) March 22, 2024
There is a six-month lock on selling his shares which initially would prevent him from doing this. However, if he applies for a waiver from the board, that lock could be dismissed. It is said that the board is mostly made up of people favorable to Trump, so prospects seem optimistic should he choose to go that route. If he does, the billions generated would be a considerable godsend, much to the chagrin of his enemies who wish to bleed him financially dry and salivate at the thought of seizing his assets.
Truth Social was launched in early 2022 as an answer to the then leftist-owned Twitter, which had banned the former president from its platform and was notorious for censoring and otherwise shadow-banning conservative voices. The polarized political climate created the perfect environment to launch Trump’s own social media platform where free speech would be valued, and displaced conservatives flocked to it in droves.
It also has been Trump’s social media home, as he refused to make a return to Twitter even after Elon Musk bought it, unbanned Trump and transformed it into a free speech hub of its own.
In the midst of this election year, it remains to be seen if Trump will indeed sell his shares for fundraising purposes, as he maintains that he may yet be able to find a way to pay his excessive legal fines. Regardless of what happens, signs are optimistic that the new stock option will be attractive to people who wish to invest in a company that respects free speech and conservative values.
