XCR1250 Posted March 24 Share Posted March 24 Trump's Truth Social company completes merger that could net him over $3 billion AARON KATERSKY, LUCIEN BRUGGEMAN and PETER CHARALAMBOUS Sun, March 24, 2024 at 9:51 AM CDT·3 min read 1.5k Donald Trump's social media company Truth Social completed a merger Friday morning that could net the former president over $3 billion. Shareholders of Digital World Acquisition Corporation -- a special purpose acquisition company -- approved a merger with Trump Media & Technology Group (TMTG), which owns Truth Social. The company can begin trading as a public company, with the stock symbol DJT on Nasdaq, as early as next week. MORE: New York AG takes 1st step toward possibly seizing Trump's assets as part of $464M fraud judgment Shares in DWAC currently stand around $40 per share. "We are immensely grateful to our stockholders and our working group for their continued trust and support. This vote underscores their confidence in the merger with TMTG and the path we have set for the future. With many of our headwinds behind us, we look forward to working with TMTG and our dedicated team to close this merger," said Eric Swider, CEO of Digital World. With Trump owning 58.1% of the common stock in the company, the former president stands to make over $3 billion from the deal depending on how the stock ultimately trades. Experts say it represents a staggering valuation for a social media company that ranks below major competitors like Facebook, X and TikTok. "This accomplishment shows the unshakeable commitment of Digital World, its investors, and the entire Truth Social workforce to creating a movement to defend free expression on the Internet. As we transition into a public company, we look forward to greatly enhancing and expanding Truth Social and providing Americans with an enduring safe harbor from Big Tech's stifling censorship and suppression," TMTG CEO Devin Nunes said in a statement. However, the deal currently includes a lockout provision that prevents Trump from immediately selling or getting loans based on his shares -- potentially limiting Trump's ability to use the windfall as collateral for a bond in his $464 million civil fraud judgment. PHOTO: Former President Donald Trump speaks after voting in the Florida primary election in Palm Beach, FL, March 19, 2024. (Wilfredo Lee/AP) Trump faces a Monday deadline to secure a financial guarantee to cover the judgment, after a New York judge in February ordered him to pay $464 million in disgorgement and pre-judgment interest when he found the former president and his adult sons liable for using "numerous acts of fraud and misrepresentation" to inflate his net worth in order to get more favorable loan terms. Trump has denied all wrongdoing and has appealed the decision in the case. Securities and Exchange Commission filings associated with the merger of Digital World Acquisition Corporation and Trump Media & Technology Group offer a picture of a cash-strapped company that has struggled to reach profitability. In the first nine months of 2023, Trump Media brought in less than $3.4 million in revenue while losing $49 million, according to the filings. The company's filings suggest the company lacks data for measuring the success of its social media platform, faces increased operating risks and is inextricably tied to the former president. Trump Media expects to continue operating at a loss "for the foreseeable future," and leadership acknowledges that new social media platforms have a high rate of failure, according to the filing. The company would likely suffer if Trump "were to cease to be able to devote substantial time to Truth Social," according to the filing. Trump's Truth Social company completes merger that could net him over $3 billion abcnews.go.com Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 24 Platinum Contributing Member Share Posted March 24 Wow...... That's a big win for Truth social....now trading under the symbol DJT. Freedom from censorship baby... that's what it's all about. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted March 24 Share Posted March 24 Down 14% today. Investors warned if trump pulls big numbers out it will tank. Its a paper company. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 25 Platinum Contributing Member Share Posted March 25 12 minutes ago, Mainecat said: Down 14% today. Investors warned if trump pulls big numbers out it will tank. Its a paper company. Uh.... Stock market was closed today 7 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted March 25 Platinum Contributing Member Share Posted March 25 1 hour ago, ViperGTS/Z1 said: Uh.... Stock market was closed today Quote Link to comment Share on other sites More sharing options...
Rod Posted March 25 Share Posted March 25 2 hours ago, ViperGTS/Z1 said: Uh.... Stock market was closed today Lmao man he needs to watch closer what he copies off DU 1 1 Quote Link to comment Share on other sites More sharing options...
Rod Posted March 25 Share Posted March 25 Good for trump. Guy has balls 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted March 25 Platinum Contributing Member Share Posted March 25 22 minutes ago, Rod said: Good for trump. Guy has balls Can't touch it for 6 months and its over inflated meme stock. Quote Link to comment Share on other sites More sharing options...
toslow Posted March 25 Share Posted March 25 22 minutes ago, Steve753 said: Can't touch it for 6 months and its over inflated meme stock. Says the guy that can’t retain a single word he reads 😂 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted March 25 Platinum Contributing Member Share Posted March 25 12 minutes ago, toslow said: Says the guy that can’t retain a single word he reads 😂 What does that even mean? Try making sense for once. You're getting creepy. Quote Link to comment Share on other sites More sharing options...
Gold Member Kivalo Posted March 25 Gold Member Share Posted March 25 (edited) 6 hours ago, Mainecat said: Down 14% today. Investors warned if trump pulls big numbers out it will tank. Its a paper company. Use all your business acumen (cut & paste) and tell us all about the flaws of this company. Edited March 25 by Kivalo 2 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 25 Platinum Contributing Member Share Posted March 25 Up 6% pre -market...... Don't know if it will hold but it should be a pretty interesting trading day. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 25 Platinum Contributing Member Share Posted March 25 Up 22%. Quote Link to comment Share on other sites More sharing options...
Rod Posted March 25 Share Posted March 25 Lol Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted March 25 Platinum Contributing Member Share Posted March 25 16 minutes ago, ViperGTS/Z1 said: Up 22%. Always goes up before the sell off. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted March 25 Platinum Contributing Member Share Posted March 25 Penny stock in no time. 1 Quote Link to comment Share on other sites More sharing options...
Pete Posted March 25 Share Posted March 25 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted March 25 Share Posted March 25 15 minutes ago, Steve753 said: Always goes up before the sell off. wait until the whales and w/s short it into oblivion... Pink sheets coming soon 1 Quote Link to comment Share on other sites More sharing options...
Pete Posted March 25 Share Posted March 25 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 25 Platinum Contributing Member Share Posted March 25 (edited) Up 30% now ... 🤣.... If anyone bought this morning they'd be up 30%..... Must have been the good news on the Appellate decision on Trump..... That's given the bump. On Yuge volume too Edited March 25 by ViperGTS/Z1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 25 Platinum Contributing Member Share Posted March 25 Lmao.......... Good job Dems Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted March 25 Platinum Contributing Member Share Posted March 25 1 minute ago, ViperGTS/Z1 said: Lmao.......... Good job Dems All that money sitting there and he can't get his Big Mac eating greasy mitts on it for 6 months! Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 25 Platinum Contributing Member Share Posted March 25 Just now, Steve753 said: All that money sitting there and he can't get his Big Mac eating greasy mitts on it for 6 months! That's okay I think he's going to be fine..... It may be up even more in 6 months. The good news should be flowing in like a river by then.... And if he wins the election.... The stratosphere is the limit at least initially. Plenty of time for him to cash in and I hope he does. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted March 25 Platinum Contributing Member Share Posted March 25 If it breaks the $50 mark today I would not be surprised to see a jump to 55 Quote Link to comment Share on other sites More sharing options...
Pete Posted March 25 Share Posted March 25 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.