On Friday, shareholders of the Trump Media & Technology Group (TMTG) voted to make the parent company of Truth Social a publicly traded entity.
According to Fox News, the shareholders voted in favor of merging TMTG with Digital World Acquisition Corp, a publicly traded shell company. TMTG stock could be publicly traded on the Nasdaq as "DJT" as early as next week.
2024 presumptive GOP nominee Donald Trump holds 78.7 million shares in TMTG, with his stake in the company currently being valued between $3 billion and $4 billion.
There is reportedly a six-month lock-up on the former president’s shares, which could be waived through a board vote.
The merger will bring social media platform Truth Social around $300 million to expand.
The US Securities and Exchange Commission approved the merger between TMTG and its special purpose acquisition company (SPAC) Digital World Acquisition Corp in February.
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