Trump social media company will go public as DWAC shareholders approve merger
Source: CNBC
Published Fri, Mar 22 2024 9:32 AM EDT Updated 16 Min Ago
Shareholders in Digital World Acquisition Corporation voted Friday to approve a merger with Donald Trumps social media company, a deal that could net the former president an eventual windfall of $3 billion or more.
The vote by DWAC shareholders comes about two-and-a-half years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns the Truth Social app platform.
It also comes as Trump faces the possibility that New York Attorney General Letitia James on Monday will start trying to collect on a massive $454 million civil fraud judgment against him. Shares in the newly combined company, Trump Media, could begin to be publicly traded next week under the stock symbol DJT, Trumps initials.
Trumps long-gone casino and hotel company also traded under that ticker symbol. Several lawsuits recently filed over the mergers terms have not affected the voting schedule.
Read more: https://www.cnbc.com/2024/03/22/trump-could-net-3-billion-from-dwac-social-media-merger-vote.html
Article updated.
Original article -
Shareholders in Digital World Acquisition Corporation voted Friday to approve a merger with Donald Trumps social media company, a deal that could net the former president an eventual windfall of $3 billion or more.
The vote by DWAC shareholders comes about two-and-a-half years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns the Truth Social app platform.
It also comes as Trump faces the possibility that New York Attorney General Letitia James on Monday will start trying to collect on a massive $454 million civil fraud judgment against him.
If approved as expected, shares in the newly combined company could begin to be publicly traded next week under the stock symbol DJT, Trumps initials. Trumps long-gone casino and hotel company also traded under that ticker symbol. Several lawsuits recently filed over the mergers terms have not affected the voting schedule.
riversedge
(70,221 posts)and IMHO--this will happen as per the article--Trumpy has lots of friends and family on the board!!
That potential windfall for Trump, while massive, could not be immediately realized, at least not under the deals current terms. Trump will be barred from selling shares in the merged company for at least six months.
It is possible that the board of directors could vote to allow Trump to sell shares earlier than that. And that board could be stocked with people close to Trump, including his son Donald Trump Jr., former wrestling company executive Linda McMahon, and Trumps former trade representative Robert Lighthizer, according to a list of planned nominees.
If the board signed off on lifting the share lock-up period, that could quickly free up a large source of cash for Trump, who is the presumptive Republican presidential nominee this year.
Trump currently faces huge legal bills from his attorneys in criminal and civil cases, and damage judgments topping a half-billion dollars in three separate civil cases...............................
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Bernardo de La Paz
(49,002 posts)Kennah
(14,265 posts)RainCaster
(10,874 posts)TSF will crash the market when that stock drops into the negative region.
Bernardo de La Paz
(49,002 posts)Please don't write nonsense, or, since maybe it is so satisfying to indulge in it, write nonsense but don't post nonsense.
sakabatou
(42,152 posts)Glad someone figured it out.
NanaCat
(1,114 posts)To crash the market if it fails.
And as someone earlier pointed out, stocks can't go negative.
The negative that can happen is people who lose money if the stock loses value. If you buy 100 shares at $50 each, you'll be upside down on it if the price of a share goes down to a penny; however, even at a penny, the stock is still in positive-value territory.
MOMFUDSKI
(5,537 posts)one more source
Squaredeal
(398 posts)Best to sell early.
sakabatou
(42,152 posts)Bengus81
(6,931 posts)He has zero interest in building that biz,just LOOTING it.
republianmushroom
(13,594 posts)Donald Trumps supporters are pushing to hand him a nearly $3.5 billion windfall by driving up the value of his also-ran social-media platform, which is on the cusp of getting approval to list on the stock market.
More..
https://www.wsj.com/finance/stocks/trump-is-in-line-for-a-3-5-billion-windfall-from-his-stake-in-truth-social-eae58c9d?st=p8gyfmyqo7qmvu9&reflink=desktopwebshare_permalink
E. Normus
(79 posts)can a company with about 7 million subscribers, doing way less than 100 mill in ad revenues per year possibly be worth 3-5 billion? How do those numbers add up?
SouthernDem4ever
(6,617 posts)Last edited Fri Mar 22, 2024, 01:17 PM - Edit history (1)
Trump insurrection media is a better description of his venue.