Delaware Chancery Court Judge Sam Glasscock III has declined to impede the March 22 shareholder vote concerning a merger involving Trump Media & Technology Group, potentially yielding a $4 billion benefit for President Trump.
This decision comes despite objections from Trump Media co-founders Andy Litinsky and Wes Moss, who argue that the Trump aims to diminish their 8.6% stake in the company through the merger. Litinsky and Moss are former contestants on Trump's TV show The Apprentice who later partnered with him to establish Trump Media.
Glasscock opted not to schedule a hearing on the contested merger before the March 22 vote. He mentioned during a Zoom call that if Trump agrees to place the additional shares in an escrow account amid the dispute, “maybe the whole thing will go away.”
Officials at Digital World Acquisition Corp., the blank-check company set to facilitate the vote, have already agreed to place the disputed stock in escrow in response to a separate lawsuit filed by Patrick Orlando's ARC Global Investments II. ARC contested the proposed conversion rate for its founder's stake, advocating for a greater share in the merged entity. Orlando, Digital World's former CEO, initiated the lawsuit.
Lori Will, the Chancery judge overseeing the case, recently declined a request to expedite the suit, citing the presence of the escrow arrangement.
