Don’t Worry, Trump’s Truth Social Payday Won’t Really Save Him
Donald Trump may finally get the money to start paying down his legal bills, after his social media company completed a merger Friday with a wealthy shell company.
Shareholders of Digital World Acquisition Corporation approved the merger with Trump Media & Technology Group, which has nearly run out of cash. The deal will inject more than $300 million into Trump Media and keep Truth Social, the former president’s personal social media platform, up and running.
Trump Media will now debut on the stock market with a value of more than $5 billion. Trump will own a dominant stake in the company worth more than $3 billion.
The merger comes just days before Trump must post the $464 million bond in his New York civil fraud trial. If he fails to secure the massive amount, the state attorney general can begin seizing his assets as repayment. Although the merger will provide Trump with an unexpected windfall, he may not be able to cash in just yet.
Trump is prohibited from selling any of his shares or using them as collateral for a loan for six months. He can ask the board of Digital World Acquisition Corporation to waive that rule for him, but it is unclear if they will agree.
This is a developing story.