Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday.
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.
In midday trading, shares of Digital World soared nearly 22% to $45.10.
Former president Donald Trump is set to own most of the combined company—or nearly 79 million shares. Multiply that by Digital World’s closing stock price Friday of $36.94, and the total value of his stake could be nearly $3 billion.
Trump has promoted Truth Social on the platform itself—on Friday he posted “I love Truth Social.”
Trump won’t be able to cash out the deal’s windfall immediately, unless the company’s board makes changes to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months.
The common stock of Trump Media & Technology Group will trade under the ticker symbol “DJT.”
© 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Read the full article here
