Truth Social's newly formed parent company will debut on the stock market on Tuesday, ending a years-long merger that will generate billions of dollars for former President Trump.
A special purpose acquisition company (SPAC) merged with Truth Social parent Trump Media & Technology Group Corp. on Monday after months of negotiations and legal challengeswhich will allow you to quickly carry out an initial public offering on the NASDAQ.
The SPAC, Digital World Acquisition Corp., saw its shares listed up about 35 percent on Monday's news. The new company will retain the Trump Media name and will be called DJT.
Trump owns about 58 percent of the new company, a stake valued at about $3 billion. He is banned from selling shares for at least six months.
The leadership of Truth Social's parent company, headed by former Rep. Devin Nunes (R-Calif.), will not change.
"As a public company, we will passionately pursue our vision of building a movement to take back the Internet from Big Tech censors," Nunes said in a statement. "We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and stand up to the growing army of speech suppressors."
The windfall is much-needed for Trump, who struggled to find funds to post $464 million bail in his civil fraud case in New York, putting his real estate empire at risk. The link was reduced on appeal on Monday to $175 million, which Trump he said he will pay.
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