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DWAC Shareholders Say Yes to Trump’s Social Media Company Going Public

Trump social media company will go public as DWAC shareholders approve merger

Shareholders of Digital World Acquisition Corp. have given their seal of approval to a significant merger with Donald Trump’s venture into the realm of social media. This eagerly awaited deal could potentially yield a remarkable windfall exceeding $3 billion for the former president.

This momentous vote marks the culmination of about 2½ years since the inception of plans for a merger between the so-called special purpose acquisition company (SPAC) and Trump Media & Technology Group, the entity behind the Truth Social app platform.

Notably, this development occurs amidst ongoing legal challenges for Trump, particularly with the looming possibility of New York Attorney General Letitia James initiating efforts to enforce a substantial $454 million civil fraud judgment against him.


Trump (Credits: ABC News)

Upon completion of the merger, the combined entity, Trump Media, is anticipated to commence public trading, adopting the stock symbol DJT, which notably bears Trump’s initials—a familiar marker reminiscent of his previous ventures, including his erstwhile casino and hotel company.

Following the shareholder vote, there was a transient decline in the share price of Digital World Acquisition Corp., albeit with a subsequent partial recovery by noon Eastern Time. However, the fluctuation in DWAC’s share price could potentially influence the value of Trump’s stake in the merged company.

It’s worth noting that approximately 11% of DWAC’s tradable shares are currently being shorted, implying a speculative anticipation of a decline in share price.

Despite recent legal challenges surrounding the merger’s terms, these did not deter the voting process, though they may impact the eventual distribution of shares among key stakeholders involved in orchestrating the merger back in late 2021.


Trump (Credits: Investor’s Business Daily)

Estimations suggest that Trump’s stake in the merged entity could be valued at around $3 billion or more, based on DWAC’s opening share price on Friday. However, uncertainties persist regarding the post-merger trading performance of Trump Media shares and the potential duration of restrictions on Trump’s ability to sell his shares.

While the current terms preclude Trump from immediately realizing this windfall, there remains the possibility of the board of directors revisiting the lockup period, potentially enabling Trump to access a substantial source of liquidity sooner than anticipated.

This development could prove pivotal for Trump, especially amidst his ongoing legal battles and substantial financial liabilities arising from both criminal and civil cases.

Trump’s recent claims of possessing significant cash reserves, as asserted in a Truth Social post, contrast with his previous legal filings indicating constraints in offering collateral to secure the aforementioned fraud judgment.

The successful merger and its implications for Trump’s financial future add another layer of intrigue to his evolving narrative, particularly in the context of his political aspirations and legal entanglements.

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