Elena Martinez
Shareholders have officially endorsed the transition of Trump Media & Technology Group (TMTG), the overseeing entity of Truth Social, into a publicly traded enterprise, as reported by Fox News Digital.
In a decisive move, shareholders favored the amalgamation of Trump Media & Technology Group (TMTG) with Digital World Acquisition Corp., a publicly traded shell company operating as a special purpose acquisition company (SPAC).
With the merger greenlit, the stock of TMTG is poised to hit Nasdaq under the ticker symbol “DJT” in the upcoming week.
Former President Trump, anticipated to be the GOP’s presumptive nominee for the 2024 presidential race, commands 78.7 million shares in Trump Media & Technology Group. At the current stock valuation of approximately $44.17 per share, his personal interest in the company could amount to a valuation between $3 billion and $4 billion.
Although Trump’s shares face a six-month lock-up period, there exists a possibility for the board to waive this stipulation.
This strategic merger injects approximately $300 million into Truth Social, positioning the platform for substantial expansion. Truth Social defines itself as a sanctuary for unrestricted expression online, offering a refuge from the censorship prevalent on mainstream Big Tech platforms.
Devin Nunes, who assumed the role of CEO for TMTG in December 2021 following his retirement from nearly two decades of congressional service, expressed optimism about the merger’s implications. Nunes articulated, “Our objective was to carve out a space for free speech in the digital realm, a necessity in today’s landscape. This merger represents a pivotal moment in our journey, enabling us to extend our reach even further.”
He further emphasized, “For those seeking a platform beyond the confines of Big Tech’s oversight and suppression, Truth Social stands as the premier choice.”
The merger between Trump Media & Technology Group (TMTG) and Digital World Acquisition Corp. culminates after protracted delays, which included scrutiny from the U.S. Securities and Exchange Commission regarding alleged pre-targeting practices by DWAC. Pre-targeting involves SPACs engaging in discussions regarding potential mergers before regulatory approval is secured.
