Former President Donald Trump could make billions from a planned media merger involving his social media platform Truth Social. The effort shows the growing media strength of the former president and could aid him in paying off a nearly half-billion dollar bond to New York State stemming from several civil cases against him.
Truth Social is set to merge with the large company Digital World Acquisition Corp. The move could ultimately be a large payday for the former president. The plans for the merger were delayed by a Securities and Exchange Commission (SEC) review.
The company Trump Media & Technology Group will enter the stock market under the ticker DJT. While the exact trading date has not been set, it could take place this month.
The former president could make billions of dollars from the deal, though he is barred from cashing in his shares for at least six months. However, the former president may seek a waiver to sell his shares early.
Trump's Truth Social company completes merger that could net him over $3 billion https://t.co/1lzPXrXPgB
— Bo Snerdley (@BoSnerdley) March 22, 2024
The success of the former president’s company came after years of negative reporting from various media outlets. Truth Social has emerged as a frequently-used platform, especially among Trump’s supporters.
The merger could result in a significant increase in revenue and influence of Truth Social, which Trump created after being barred from Twitter, now known as X. The former president currently owns 79 million shares.
Trump has also cultivated a close relationship with X owner Elon Musk, who also reinstated the former president onto the social media platform. Trump has sparingly used X since returning, including after his arrest last year.
The former president currently faces $454 in bond payments required by New York State after several civil cases. New York Attorney General Tish James (D) has said that the state could seize Trump’s assets if he does not pay the bond.
Trump’s attorneys argued that it was an impossibility to get the money together for the bond and requested an extension.
