Trump Media merger official, offers new revenue stream

by | Mar 22, 2024

The social media company owned by President Trump recently completed a merger with a cash-rich shell company, boosting his wealth by billions and potentially giving him a new source of cash to pay his accumulating legal bills.

The shareholders of Digital World Acquisition Corporation will now become shareholders of Trump Media & Technology Group under the merger, which will trade on the stock market under the DJT symbol. The deal will allow Truth Social, the company's flagship digital media platform, to continue operating and bring in more than $300 million for Trump Media.

Trump Media will have a market value of more than $5 billion based on Digital World's $44 per share stock just before the vote announcement. That would increase Mr. Trump's personal stake to more than $3 billion.

Trump Media stock options might start trading under the new stock symbol as soon as next week.

Source: The New York Times

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