SEC approves Trump Truth Social deal for up to $10 billion

The SEC approved a merger of Truth Social and the Digital World Acquisition Corporation.


The United States Securities and Exchange Commission (SEC) has approved a merger of former President Donald Trump's social media platform, Truth Social, with Digital World Acquisition Corporation (DWAC), which is a Special Purpose Acquisition Company (SPAC). 

There were two years of delay leading up to the deal because of an investigation into the company by regulators. Now the SEC has approved the merger of approximately $10 billion after the long wait on Wall Street, according to reporting from OANN.  

The Trump Media & Technology Group, which owned both companies, intends to take Truth Social public in an initial public offering (IPO). In order to have it go through the process, Trump had to give up a lot of equity in the platform.  

According to SEC filings, Trump will own about $79 million in shares of the business. DWAC shares were trading at around $45-47 per share as of Tuesday. Depending on how the IPO will go, Trump's ownership ranges between 60-70 percent of the company.  

Ahead of the election, the platform could become a boon for Trump depending on how the results of the primary and 2024 race play out.  

Trump has full control of DWAC. Part of the agreement with the corporation is that no personal or political actions of his could disrupt his authority in the company even if such conduct was “dishonest, illegal, immoral, or unethical.”  

The former president will have authority to choose board of director members and will be able to delegate control of the company. Trump would also possibly be able to obstruct actions that shareholders normally would need consent to. 

Sign in to comment


Powered by The Post Millennial CMS™ Comments

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me next month

To find out what personal data we collect and how we use it, please visit our Privacy Policy

By signing up you agree to our Terms of Use and Privacy Policy
© 2024 The Post Millennial, Privacy Policy | Do Not Sell My Personal Information