Truth Social’s newly formed parent company will go public on the stock market on Tuesday, completing a multi-year merger that is expected to net former President Trump billions of dollars.
Special acquisition purpose company (SPAC) Merger with parent company Truth Social After months of negotiations and legal challenges, Trump Media and Technology Group was cleared for an early public offering on the Nasdaq on Monday.
The stock price of SPAC (Digital World Acquisition Corp.) is approximately 35% increase on Monday’s news. The new company will retain the Trump Media name and use the ticker DJT.
Trump owns about 58% of the new company, worth about $3 billion. He will be prohibited from selling his shares for at least six months.
The management team at Truth Social’s parent company, led by former Rep. Devin Nunes (R-Calif.), will remain unchanged.
“As a publicly traded company, we will passionately pursue our vision of building a movement to take back the internet from Big Tech censorship,” Nunes said in a statement. “We will continue to fulfill our promise to the American people to serve as a safe harbor for free expression and stand up to the growing army of speech suppressors.”
For President Trump, the windfall was much needed as he struggles to find the funds to pay his $464 million bail in a New York civil fraud case, putting his real estate empire at risk. Bail was reduced to $175 million on Monday’s appeal, which President Trump said he would pay.
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