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.
