Investors in Digital World Acquisition Corp. have approved the merger with Truth, Donald Trump's social media company. It's a necessary step for Monday's IPO that could save the former president from confiscation of his assets. Trump will own about 60% of the company, which at Digital World's current stock price would be worth about $3.3 billion. He and other investors could gain tens of millions of additional shares from a “gain from” linked to stock performance, Digital World said in a filing with the SEC. However, the Washington Post points out, there is a lock-up clause in the merger agreement, which will prevent Trump and other major shareholders from sell their shares for six months, unless they get a waiver from the company's board. That could limit Trump's ability to use the merger to pay off the hundreds of millions of dollars he The former US president, once again a candidate for the White House, does not have the cash to secure bail, which would delay payment of the $464 million lawsuit over inflated assets.
What will Trump's new company be called, already listed on Nasdaq from Monday
The combined company, which will be called Trump Media, could begin trading on Nasdaq as early as Monday under the symbol of Trump's initials, DJT. This symbol was also used for Trump's only other public company, Trump Hotels and Casino Resorts, which collapsed in less than a decade and filed for bankruptcy in 2004. The merger will give Trump Media $300 million , shares that Digital World had initially raised from investors. . The company's merger process was not easy. According to what was reconstructed by the Washington Post, there were years of obstacles and delays, due to investigations by the Securities and Exchange Commission, which agreed to an $18 million settlement, and the Department of Commerce. Justice, which investigated allegations of insider trading. trade and money laundering involving investors from the digital world.
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