Shareholders of Digital World Acquisition Corp., a publicly traded shell corporation, authorized a merger Friday with the former president’s media business, Truth Social (TMTG).
According to the AP, that means Trump Media & Technology Group, whose flagship product is the social networking site Truth Social, will soon be listed on the Nasdaq stock exchange.
This merger approval means that TMTG stock will trade on Nasdaq under the ticker symbol “DJT.” With this development, Trump Media & Technology Group is poised to make a significant impact in the world of social media and technology.
Trump Media & Technology Group (TMTG) has been working towards becoming a publicly traded entity for quite some time. The merger with Digital World Acquisition Corp. (DWAC) marks a significant milestone in this journey. DWAC, a special purpose acquisition company (SPAC), serves as a shell company that aims to merge with a target company and take it public. The merger between TMTG and DWAC has been approved by shareholders, paving the way for Truth Social’s entry into the stock market.
The merger with DWAC brings forth exciting opportunities for TMTG and its shareholders.
Former President Donald Trump, the driving force behind Truth Social, holds a substantial stake in Trump Media & Technology Group. With 78.7 million shares in his possession, Trump’s personal stake in the company could be worth between $3 billion and $4 billion, based on the current stock price of approximately $44.17 per share.
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CEO Devin Nunes, a former congressman from California, leads Trump Media & Technology Group. Nunes, who joined the company in December 2021, brings a wealth of experience and insights to the table.
Having served nearly two decades in Congress, Nunes understands the intricacies of the political landscape and can navigate the challenges associated with running a technology-focused company.
Donald Trump’s social media venture, Truth Social, launched on Apple’s App Store in 2022. It marked the former president’s return to social media after he was banned from several platforms following the Jan 6 riots.
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