Digital World Acquisition Corporation DWAC shareholders voted Friday in favor of a merger with Donald Trump’s social media company, Trump Media & Technology Group, TMTG—the company that owns Trump’s social media app, Truth Social. The merger is a windfall for Trump, who is facing several cases and is expected to deposit hundreds of millions in a civil fraud judgment that went against him. However, DWAC shares fell by 12 percent after the announcement of the merger.
DWAC, a particular purpose acquisition company (SPAC), has been considering a merger with TMTG for more than two years but has been facing several roadblocks on the way. Now that a formal merger has been announced, Donald Trump is expected to make up to $3 billion.
Trump will have almost 80 million shares in the newly merged company. The share price of DWAC has fallen since the merger was announced. Calculating the value before the fall of the stock, Trump could have stock worth at least $3 billion on paper. However, the merged stock’s opening share price is still unknown.
The new merged company can begin trading publicly next week. Trump already owns the ticker DJT that was used for his now-defunct casino and hotel company. It is possible that the stock symbol could be revived for the new company.
Board members are expected to include his son and close family friends, who could vote for Trump to sell his shares before six months as he reportedly needs money to deposit 454 million dollars as per a court judgment.
Lawyers for Donald Trump told the court that he could not raise sufficient cash to get a $454 million bond. However, on Friday, Trump claimed in a post on his social media platform that he had enough money. Trump wrote on Truth Social, “I currently have almost five hundred in a million in cash.”
Celebrity WEB Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins, and Herbs. Become a WebFans Creator and Influencer. Check the New Special XMicro Razors for Men & Women, 1 Razor, 7 Blade Refills with German Stainless Steel, Lubricated with Vitamin E for Smooth Shave, Shields Against Irritation, Version X Men|Women
