Trump Media & Technology Group’s Merger with Digital World Acquisition Corp. Completed: What Does This Mean for Former President Donald Trump and Truth Social?
On Monday, Trump Media & Technology Group (TMTG), the owner of Truth Social, announced that its merger with a publicly traded shell company, Digital World Acquisition Corp. (DWAC), has been finalized. The trading of the newly formed entity is expected to commence on Tuesday at the Nasdaq Stock Market under the ticker symbol “DJT.”
A Significant Financial Gain for Donald Trump
The successful completion of this merger signifies a substantial financial gain for former President Donald Trump, who holds the position of chairman and the dominant shareholder in the new company. The value of his stake, considering the recent surge in DWAC’s shares, amounts to approximately $3.5 billion. However, it is essential to note that there are lock-up restrictions that would prevent Trump from selling or even borrowing against the value of this stock for a considerable period.
Trading of DJT on Nasdaq to Begin Tuesday
According to the announcement, trading for the merged entity will begin at the Nasdaq Stock Market on Tuesday. The news of the merger’s completion caused a notable surge in DWAC’s shares, with a 21% increase on Monday alone.
A Mission to Reclaim the Internet from Big Tech Censors
In a statement, Devin Nunes, the CEO of TMTG and DWAC, expressed their commitment to serving as a “safe harbor for free expression” and standing up against the growing influence of speech suppressors in the digital world. Nunes stated, “We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors.”
This development represents a significant milestone for Truth Social, which has been positioned as a viable alternative social media platform to those dominated by Big Tech. The merger and the subsequent trading on the stock market are expected to bring more resources, attention, and legitimacy to the Truth Social platform.
Please note that this article will be updated as new information becomes available.
