Trump's Truth Social Platform Set to Go Public After Merger Approval

Elena Rossi
1 min read

News Content

Former President Donald Trump’s social media platform, Truth Social, is set to go public after receiving approval for a merger with Digital World Acquisition Corp. Shareholders have approved the merger, potentially offering Trump a substantial windfall amid mounting legal fees. Trump would own a majority stake of nearly 79 million shares in the company, equating to more than $3 billion at the current trading price. Despite an 8% slump in shares of Digital World Acquisition Corp on Friday, they are up 125% year-to-date. The long-awaited merger, first announced in 2021, had faced delays due to lawsuits and a Securities and Exchange Commission probe, but has now been finalized. Trump Media & Technology Group has lost $31.6 million since its inception, raising doubts about its viability. Trump's net worth is estimated at $2.6 billion, with about $413 million in cash and liquid assets, despite owing nearly $460 million in legal fees. The launch of Truth Social platform came after Trump's ouster from Twitter, and the platform has been embroiled in ongoing legal drama. The former president frequently uses the platform to attack opponents.

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