Trump’s Truth Social To Go Public Via Merger With DWAC

Shareholders of Digital World Acquisition Corp. (DWAC) on Friday reportedly approved the blank check company’s merger with Trump Media & Technology Group (TMTG), the parent company of former President Donald Trump’s social media platform, Truth Social.

TMTG could begin trading under the ticker “DJT,” which stands for Donald J. Trump, as early as next week. 

It was a long and winding road to Friday’s vote for the two companies. The merger was first announced in October 2021 and subsequently investigated by regulators, who charged the companies misled investors by failing to disclose the two held merger talks before DWAC went public.

Trump, who is involved in several high-profile court cases and has incurred hundreds of millions of dollars in legal expenses and penalties, is set to own nearly 80 million shares of the company, which as of Thursday’s close would have been worth more than $3 billion.

Under the terms of the merger agreement, Trump is required to hold those shares for a six-month lock-up period. But it’s possible he could be relieved of that obligation by the new company’s board. 

DWAC shares were up about 10% ahead of the vote on Friday. They tumbled after the approval and traded about 8% lower as of 1:40 p.m. ET.