Trump-backed Truth Social nears acquisition

Trump Media & Technology Group is nearing acquisition with the publicly-traded Digital World Acquisition Group.

Trump Media & Technology Group took a major step toward becoming a publicly traded company on Wednesday. 

Trump Media and Digital World Acquisition Corp. announced that the U.S. Securities and Exchange Commission declared effective the Registration Statement on Form S-4 for their proposed business combination. 


The big picture: Digital World, a blank-check company that has agreed to take Truth Social public, announced Wednesday that it will hold a stockholders meeting to have investors vote on approving the merger. 

  • The meeting will take place within two business days, Digital World said in a statement. 
  • Digital World’s stock (DWAC) closed at $43.55 on Wednesday, up $2.23 on the day and over double what it was valued at over one month ago. 

What they’re saying: Trump Media CEO Devin Nunes said in a statement that Truth Social was created to serve as a safe harbor for free expression and to give people their voices back. 

  • “Moving forward, we aim to accelerate our work to build a free speech highway outside the stifling stranglehold of Big Tech,” Nunes said. “I’d like to thank everyone who has believed in our mission and helped bring us to this moment: DWAC and its CEO Eric Swider, DWAC shareholders, the TMTG Board of Directors, the entire TMTG staff, and the whole community of Truth Social users.”
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