Former President Donald Trump stands to get a windfall of $3.5 billion now that shareholders of Digital World Acquisition Corp. have approved a merger with his Truth Social on Friday.
The potential multibillion dollar infusion comes as New York Attorney General Letitia James is moving to seize Trump’s assets to pay a $464 million bond in his New York civil fraud case.
The long-delayed merger came after the Securities and Exchange Commission (SEC) approved it last month, and means that Trump’s company Trump Media & Technology Group will trade on the stock market under the stock ticker “DJT” as early as next week.
Trump will own nearly 79 million shares in the newly-merged company, which is currently around $41 per share.
The former president will not be able to cash in his stake until six months after the merger, but Talking Point USA’s Founder and CEO Charlie Kirk posted on X that Trump could seek a waiver to do so in order to pay the bond so he can appeal the fraud case.
🚨BREAKING: Shareholders have just voted to make Trump Media & Technology Group, the parent company of Truth Social, a publicly traded company. This could net Trump a windfall of $4 billion. The President would need to seek a waiver to liquidate his stock before the end of a…
— Charlie Kirk (@charliekirk11) March 22, 2024
Trump’s lawyers had said earlier this week — before the merger — that it would be a “practical impossibility” to pay the bond in cash.
This is a breaking news story.
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