Former President Donald Trump's media company, which operates his Truth Social site, has received approval for the merger with a purpose acquisition company called Digital World Acquisition Corp., that would make the website a publicly traded entity and yield millions of dollars. DWAC said the U.S.
Trump, who would own between 58% and 69% of the company, and other investors could earn tens of millions more shares per a provision, known as an "earnout," tied to the stock’s performance, a filing said, The Washington Post reported. In a Wednesday statement, former Republican Congressman Devin Nunes said Digital World's aim is "to accelerate our work to build a free speech highway outside the stifling stranglehold of Big Tech," according to the Post.
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