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Trump’s Social Media Company Is Set to Trade Tuesday on Nasdaq

Trump’s Social Media Company Is Set to Trade Tuesday on Nasdaq
The Truth Social website on a smartphone arranged in New York, US, on Friday, March 22, 2024. Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump's media business in a Friday vote. That means Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will soon begin trading on the Nasdaq stock market, reported the AP.

Former president Donald Trump’s social media startup is set to begin trading Tuesday after completing a blank-check deal that may bring him a financial windfall.

Trump Media & Technology Group is expected to trade on the Nasdaq under the symbol DJT after completing a deal with Digital World Acquisition Corp., according to a statement, following more than two years of snags.The merger could potentially hand Trump nearly $4 billion worth of shares, though they would be subject to lock-up agreements and performance requirements that may temporarily hinder his ability to monetize the stock and ease his present cash crunch.

Read More: Trump Eyes $4 Billion Stock Windfall as His Legal Bills Pile Up

Digital World Chief Executive Officer Eric Swider will become a director of the merged company, which will be led by Devin Nunes, a former California Representative who left Congress to become CEO of Trump Media, the statement showed.

The windfall may come at a critical time for Trump who earlier this month became the presumptive Republican presidential nominee. He’s paying millions of dollars a month to fund his ongoing legal troubles, which include four criminal indictments. A New York appeals court agreed on Monday to slash the former president’s bond in his fraud case by more than two thirds to $175 million while he appeals the verdict.

DWAC shares climbed nearly 14% to $41.99 each on Monday, reversing Friday’s decline after the shareholder vote passed as expected. Warrants tied to the SPAC rose nearly 10%.

The special-purpose acquisition vehicle has more than doubled this year as investors use it as a way to bet on Trump’s push for re-election. The stock has been a favorite among the retail-trading crowd since the deal was announced in 2021 with posts across Stocktwits and Reddit Inc.’s WallStreetBets forum encouraging people to buy shares.

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