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Former President Donald J. Trump’s social media company completed its long-awaited merger with a cash-rich shell company on Friday, increasing Mr. Trump’s wealth by billions of dollars and providing him with a new source of cash to pay for mounting legal costs. There is a possibility that
Upon approval of the merger, Digital World Acquisition Corporation’s shareholders will become shareholders of Trump Media & Technology Group, which will trade on the stock market under the stock symbol DJT. The deal will inject more than $300 million into Trump Media, which has nearly exhausted its available funds, but will allow the company’s flagship digital media platform, Truth Social, to continue operating. .
Based on Digital World’s stock price of $44 per share just before the vote was announced, Trump Media’s market value would be more than $5 billion. That means Trump’s personal stock is worth more than $3 billion.
Trump Media stock could begin trading under a new stock symbol as early as next week.
Approval of the deal comes as Trump faces a Monday deadline to pay a $454 million fine in a New York civil fraud case. He is restricted from selling his shares or using them as collateral for loans for six months, but he could ask the combined company’s board to waive that provision.
“The merger will allow Truth Social to strengthen and expand our platform,” Trump Media said in a statement before the vote.
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