Shareholders of Digital World Acquisition Corp, a publicly traded shell company, have voted to approve a deal to merge with the former US president’s media business.
The deal’s approval arrives at a time the presumptive Republican US presidential nominee is facing his most costly legal battle to date: a 454 million dollar judgment in a fraud lawsuit. One risk, the company said, is that Mr Trump would be entitled to vote in his own interest as a controlling stockholder – which may not always be in the interests of all shareholders.
Trump Media lost 49 million dollars in the first nine months of last year, when it brought in just 3.4 million dollars in revenue and had to pay 37.7 million dollars in interest expenses.
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