Shareholders voted to make Trump Media & Technology Group, the parent company of Truth Social, a publicly traded entity on Friday.
That approves the merger between Trump Media & Technology Group and Digital World Acquisition, the publicly traded shell company.
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The big picture: Trump Media & Technology Group stock will trade on Nasdaq as “DJT” as early as next week.
- Former President Trump holds 78.7 million shares in Trump Media & Technology Group. With the current stock price around $44, Trump is potentially worth between $3 and $4 billion through the company.
- Truth Social will receive around $300 million to expand the platform as a result of the merger.
- Former Rep. Devin Nunes (R–Tulare) is the CEO of Trump Media & Technology Group.
The backstory: The merger between Trump Media & Technology Group and Digital World Acquisition Corp. was delayed by investigations by the U.S. Securities and Exchange Commission.
- Last month, the SEC approved the merger.
- Trump Media & Technology Group was launched in October 2021, and Truth Social was launched in February 2022.
