Truth Social, the social media company founded by former President Donald Trump, is set to go public as soon as next week after shareholders voted Friday to approve a merger with a shell company.
The merger means those who hold stock in Digital World Acquisition, a special-purpose acquisition company (SPAC), will now be shareholders of Trump Media & Technology Group, the parent company of Truth Social, The New York Times reported. The deal will also provide Trump Media with more than $300 million, and the company will replace Digital World Acquisition on the stock market under the ticker DJT, Trump’s initials.
Based on Digital World Acquisition’s current price of nearly $42 a share, Trump Media will hit the market with a value of around $5 billion, meaning Trump’s 60% stake in the company will boost his net worth by more than $3 billion. Thanks to Trump supporters turning Digital…
