Investors Approve Deal To Take Truth Social Public

March 22, 2024 Business, Social Media

The Guardian reports:

Investors approved plans to take Donald Trump’s social media platform public on Friday, netting the former president a paper fortune of $3bn. Trump Media & Technology, the firm behind his minnow social network Truth Social, has spent years fighting to land on the stock market via a so-called “blank check” merger with a shell company.

It finally succeeded on Friday morning, following a vote of shareholders in Digital World Acquisition, the vehicle with which Trump’s business has sought to combine.

While Trump Media has struggled since Truth Social’s lackluster launch, generating sales of only about $5m since 2021, Trump’s supporters banded together to boost shares in Digital World. The stock has rallied by some 145% since the turn of the year, boosting the firm’s value to about $6bn.

The Washington Post reports:



The board’s nominees include Trump’s oldest son Donald Trump Jr.; Trump’s former trade representative Robert E. Lighthizer; Linda McMahon, who headed the Small Business Administration under Trump; and Kash Patel, who served on Trump’s National Security Council.

The post-merger company, which will be called Trump Media, could begin trading on the Nasdaq stock exchange as soon as Monday under the ticker symbol of Trump’s initials, DJT.

That symbol was also used for Trump’s only other public company, Trump Hotels and Casino Resorts, which collapsed into a penny stock in less than a decade and filed for bankruptcy in 2004.

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