April 13, 2024

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Donald Trump's Truth Social has completed a merger that could net him more than $3 billion as bond deadline approaches

Donald Trump's Truth Social has completed a merger that could net him more than $3 billion as bond deadline approaches

Donald Trump Social media company Truth Social completed a merger on Friday morning that could net the former president more than $3 billion.

Contributors to Digital world acquisition company – Special Purpose Acquisition Company – Agreed to merge with Trump Media & Technology Group, which owns Truth Social.

The company could begin trading as a public company, with the stock symbol DJT on the Nasdaq, as early as next week.

Shares in DWAC are currently worth about $40 per share.

With Trump owning 58.1% of the company's common stock, the former president stands to make more than $3 billion from the deal depending on how the stock ultimately trades. Experts say it represents a stunning valuation for a social media company that ranks below major rivals like Facebook, X and TikTok.

However, the deal currently includes a clause that prevents Trump from selling or taking out loans based on his shares immediately — which could limit Trump's ability to use a windfall as collateral for bonds in his $464 million civil fraud ruling.

Trump faces a deadline on Monday to obtain financial security to cover the ruling, after a New York judge in February ordered him to pay $464 million in noncompliance damages and pre-judgment interest when the former president and his adult children were found liable for using “multiple media outlets.” . Acts of fraud and misrepresentation.” Inflating his net worth In order to obtain more favorable loan terms.

Trump has denied any wrongdoing and has appealed the decision in this case.

A representative of Trump Media Company & Technology Group did not immediately respond to a request for comment from ABC News.

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