Donald Trump's social media company, Truth Social, is set to go public - potentially netting the former US president $3bn. It means Trump Media & Technology Group , whose flagship product is the social networking platform, will soon begin trading on the Nasdaq stock market. It comes after Digital World Acquisition Corp, a publicly traded shell company, approved a deal to merge with Mr Trump's media business in a Friday vote.
Even if the deal gets completed next week, Mr Trump will not be allowed to sell any of his shares in the combined company for six months, or borrow against them, due to a 'lock-up' provision that prevents company insiders from selling newly issued shares for six months. Earlier this week, Mr Trump was fined $454m after being found guilty of scheming for years to deceive banks and insurers by inflating his wealth on financial statements used to secure loans and make deals.