The company that owns Donald Trump’s Truth Social platform will go public on Tuesday in a deal that could be worth billions of dollars for Trump personally.
Trump Media & Technology Group is being acquired by Digital World Acquisition Corp., a public company that trades on the Nasdaq stock exchange. DWAC’s shareholders voted to allow the merger on Friday.
The new stock will trade under the ticker name “DJT.”
Trump will hold close to 79 million shares in the newly combined company, giving him majority ownership. At current stock prices as of the close on Monday afternoon, his stake would be worth more than $3 billion.
It is not likely that Trump would use the funds to pay the $454 million legal judgments against him. New shares are subject to provisions that prevent their sale for at least six months after they’re issued.
Trump wins lower bond in civil case; NY criminal trial set for April
Jury selection had initially been set for Monday, but the trial was put on hold so lawyers could examine tens of thousands of pages of new evidence.
Trump moved his trademark social postings to Truth Social in 2022 after he was banned from Facebook Twitter — now X — after the Jan. 6 insurrection at the U.S. Capitol.
While no official counts exist, Truth Social is estimated to have some 5 million users. For comparison, in 2023, X CEO Elon Musk said that company had more than 540 million monthly users.
