Aaron Katersky, Lucien Bruggeman and Peter Charalamboussocial media company Truth Social completed a merger Friday morning that could net the former president over $3 billion.-- a special purpose acquisition company -- approved a merger with Trump Media & Technology Group, which owns Truth Social.
The company can begin trading as a public company, with the stock symbol DJT on Nasdaq, as early as next week.With Trump owning 58.1% of the common stock in the company, the former president stands to make over $3 billion from the deal depending on how the stock ultimately trades. Experts say it represents a staggering valuation for a social media company that ranks below major competitors like Facebook, X, and TikTok.
However the deal currently includes a lockout provision that prevents Trump from immediately selling or getting loans based on his shares -- potentially limiting Trump's ability to use the windfall as collateral for a bond in hisTrump faces a Monday deadline to secure a financial guarantee to cover the judgment, after a New York judge in February ordered him to pay $464 million in disgorgement and pre-judgment interest when he found the former president and his adult sons liable for using...