Digital World Acquisition Corporation (DWAC) shareholders on Friday approved a merger with former President Trump’s media startup, giving Truth Social a stock market debut and a potential $3.5 billion windfall for Trump. I raised it.
The long-delayed merger between the blank check company and Trump Media & Technology Group received regulatory approval from the Securities and Exchange Commission (SEC) last month.
Trump would gain about $3.5 billion from the deal, as he would control about 79 million shares of the newly combined company.
The potential windfall comes as the former president struggles to secure $464 million bail in a New York civil fraud case. Trump’s lawyers acknowledged earlier this week that his lack of cash on hand made it “impossible” to secure the full appeal bond.
If President Trump fails to secure $500 million in bonds by Monday, he could be at risk of asset seizure. The New York State Attorney General’s Office has taken the first step toward seizing President Trump’s golf resort and private property known as Seven Springs after filing a judgment in Westchester County.
A judgment in the county where Trump owns property would be the first step toward recovering the property.
Trump’s civil fraud trial has already been decided in New York City, home of the former president’s 40 famous Wall Street locations and Trump Tower estate.
Despite the potential windfall, President Trump won’t be able to access the money right away because of a six-month ban on insiders selling new stock.
The Associated Press contributed to this report.
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