Trump's Social Media Company, Which Owns Truth Social, Set To Go Public; Ex-President Could Net $3 Billion Soon!

By Leira Aquino

Mar 22, 2024 09:48 PM EDT

Former US President Donald Trump's social media company, Trump Media & Technology Group, is set to go public following a successful merger vote with Digital World Acquisition Corp (DWAC).
(Photo : Photo by Chip Somodevilla/Getty Images)

Former US President Donald Trump's social media company, Trump Media & Technology Group, is set to become a public traded entity following a merger vote win. This is expected to catapult Trump's wealth by a billion of dollars. 

Shareholders of Digital World Acquisition Corp (DWAC), a special purpose acquisition company (SPAC), voted Friday to approve a merger with the Trump Media & Technology Group, the owner of the Truth Social platform.

Trump's Fortunes Surge Amid Merger Deal

The merger deal is currently worth $5.7 billion, according to Reuters. With this, Trump's net worth is estimated to increase by $3 billion, which instantly doubles his wealth. 

The republican politician owns over 60 percent of the company.

However, these gains are theoretical for now, as the merger agreement imposes restrictions on major shareholders, which will prevent them from selling shares for at least six months.

This comes amid Trump's financial and legal woes, with him facing a staggering $454 million penalty in a civil fraud case.

Concurrently, New York Attorney Letitia James has initiated the first steps towards potentially seizing Trump's assets if he fails to meet the bond deadline set for next Monday, March 25, 2024. 

This action involves filing a judgment in Westchester County, New York, where Trump holds valuable properties such as Seven Springs and Trump National Golf Club Westchester.

READ NEXT: Donald Trump Reportedly Offered to Sell Truth Social to Elon Musk

$300 Million Boost for TMTG

The merger, set to be completed next week, faces hurdles as lawsuits for additional shares have been filed by former Digital World CEO Patrick Orlando and Trump's associates Andy Litinsky and Wes Moss. 

Nonetheless, the deal gives a much-needed $300 million for Trump Media & Technology Group, which has been grappling with financial challenges. 

Truth Social, the flagship platform of the company, has struggled to gain traction, with limited advertising revenue and substantial operational losses.

Trump's foray into social media comes after his ban from major platforms like Facebook and Twitter following the January 6, 2021 Capitol riot. 

With over 6.7 million followers on Truth Social, Trump aims to leverage the platform to connect with his supporters and amplify his messages.

READ MORE: Which Donald Trump's Assets Are at Risk If Former President Failed to Pay $454 Bond?

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