Shareholders on Friday approved a merger between President Donald Trump’s media company and a publicly traded shell company, delivering a potential windfall to the presumptive GOP presidential nominee when he needs it the most.
Shareholders on Friday approved a merger between President Donald Trump’s media company and a publicly traded shell company, delivering a potential windfall to the presumptive GOP presidential nominee when he needs it the most.
Digital World Acquisition Corp. approved the deal with Trump Media & Technology Group, the parent company of the Truth Social platform. The entity will be publicly traded on Nasdaq under the ticker DJT.
The shell company is a special purpose acquisition company or SPAC.
Mr. Trump would own up to 69% of the shares of the new parent company. The shares could be worth nearly $4 billion, though experts say that may be inflated — akin to meme stocks that generate buzz but don’t have reliable value.
Importantly, Mr. Trump and other Trump Media shareholders are subject to a lockup provision that prevents them from selling their shares for six months.
