Trump unlocks potential $3bn windfall after social media Spac deal

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Donald Trump’s social media business will become publicly listed after shareholders of a blank-cheque company approved the deal, unlocking a potential $3bn-plus windfall for the former US president.

Trump Media & Technology Group, the company behind his Truth Social site, will list on the Nasdaq exchange with the ticker symbol DJT, Trump’s initials, next week.

Shares in Digital World Acquisition Corporation, the special purpose acquisition company with which TMTG first announced merger plans in late 2021, were down approximately 5 per cent after Friday’s announcement.

The shareholders’ approval of the transaction brings to an end a drawn out saga, which has included investigations from both the Securities and Exchange Commission and the Department of Justice. The probes and litigation with a former business partner caused significant delays and cast doubts on whether the deal would go through.

The vote also comes at a crucial time for Trump, who is facing mounting legal bills and has been trying to raise almost $500mn to prevent the enforcement of a fraud judgment in New York. 

The former president is subject to a lock-up agreement that prevents him from selling his shares for six months, however.

This is a developing story. Updates to follow.

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