Former President Donald Trump will reap a $3.5 billion windfall after Digital World Acquisition Corporation shareholders approved his merger with Truth Social on Friday.
A potential multibillion-dollar injection comes as New York Attorney General Letitia James moves to seize President Trump’s assets to pay $464 million bail in a New York civil fraud case. by.
The long-delayed merger came after the Securities and Exchange Commission (SEC). approved That happened last month, and means Trump’s company, Trump Media & Technology Group, will be listed on the stock market as early as next week under the ticker “DJT.”
Mr. Trump will own about 79 million shares of the combined company, at a current stock price of about $41 per share.
Although the former president cannot cash out his stock until six months after the merger, Charlie Kirk, founder and CEO of Talking Points USA, asked X to sell the bonds so Trump can appeal. It posted that it may seek a waiver in order to pay. Fraud case.
🚨BREAKING NEWS: Shareholders just voted to make Trump Media & Technology Group, the parent company of Truth Social, a publicly traded company. This could potentially net Trump $4 billion. The President will need to seek a waiver to liquidate the stock…
— Charlie Kirk (@charliekirk11) March 22, 2024
Trump’s lawyers said earlier this week before the merger that it would be “practically impossible” to pay off the bonds with cash.
This is breaking news.
