Investors in a company allied with former president Donald Trump voted Tuesday to extend the deadline for merging with his media company, buying time as federal regulators investigate the proposed deal that would take the parent of Truth Social public.
Digital is a special-purpose acquisition company, or SPAC — a publicly traded shell company meant to take a private company public via a merger. SPACs are often referred to as “blank check” companies because investors purchase shares before they know the company that the SPAC will merge with.Merging with Digital World would make Trump Media a publicly traded company and provide it with hundreds of millions in investment funds.
Trump Media officials Tuesday accused regulators of deliberately undercutting the deal by moving slowly with their review.“This vote was necessary because the SEC is trying to sabotage our merger and harm President Trump for purely political reasons,” Trump Media said in a statement to The Washington Post.
maggieNYT Twitter and Elon Musk have entered the room.
LOVING what Elon Musk is doing with Twitter!!!
maggieNYT Question? How much cash will Truth Social bring to Trump Media?
ETTD
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Source: CNBC - 🏆 12. / 72 Read more »