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DWAC climbs about 25% after shareholders approve merger with Trump's media group

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A potential windfall from selling shares could help pay for Trump's legal bills and his damage judgments of over $500 million in three separate cases.

Shares of Digital World Acquisition Corp. climbed about 25% after the approval of a merger between the shell company and the social media group owned by former President Donald Trump.

Under the deal's current terms, Trump will not be allowed to sell shares in the company for at least six months.DWAC shareholders voted Friday to approve the combination between the special purpose acquisition company, or SPAC, and Trump Media & Technology Group, the owner of the social media platformto Trump, who is expected to own 80 million shares, which could be worth around $3 billion or more, in the new company.

 

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Digital World Acquisition Corp: DWAC trades at $1.6B ahead of merger with Trump MediaDigital World Acquisition Corp (DWAC), the beleaguered special purpose acquisition company (SPAC) that has spent years trying to merge with Donald Trump’s social media company, saw its stock skyrocket more than 20% at some point on Wednesday.
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