Shareholders of the Digital World Acquisition Corporation approved a long-awaited merger with Truth Social, former President Donald Trump’s beleaguered social media app, on Friday — potentially boosting Trump’s net worth by $3 billion. As a result of the merger, shareholders of publicly traded DWAC will become shareholders of the Trump Media & Technology Group , the parent company behind Truth Social.
Trump owns nearly 79 million shares in the company, meaning the merger could give him a much-needed inflow of cash. The former president owes more than $454 million in legal penalties. But a so-called “lock-up” provision prevents him from selling any of his shares or using them as collateral of a loan for six months, though The New York Times notes that he can ask the board of the newly merged company to waive the rule for him.