Former U.S. President Donald Trump’s Truth Social platform is one step closer to going public after shareholders approved a $5.7 billion merger deal! 💥 The move could inject $300 million into the company and value Trump’s majority stake at $3.3 billion—a lifeline as he faces legal fines totaling hundreds of millions. 📉💰
Investors in Digital World Acquisition Corp, a SPAC (think of it as a ‘blank check’ company 🧾), greenlit the merger with Trump Media & Technology Group (TMTG) on Friday. But here’s the twist: Truth Social reported just $3.4 million in revenue last year while losing $10.6 million. Yet retail investors and Trump supporters have sent Digital World’s stock soaring nearly 4x since 2021! 📈🚀
‘Buying 4 shares by all will benefit all,’ wrote one Truth Social user this week, reflecting the platform’s grassroots hype. But with only 8.9 million sign-ups vs. X’s 500M+ users, can this underdog compete? 🤔 Trump’s 6.7M followers on Truth Social pale next to his 87.4M on X—where he’s still banned.
The deal’s success could shake up both Wall Street and the 2024 election. Trump’s stake in the merged company could reach 69%, but shares dropped 10% post-vote. Will this SPAC magic hold? Stay tuned. 🗳️✨
