The new parent company for Truth Social will go public on the stock market on Tuesday. This marks the end of a years-long merger that will make billions of dollars for former President Trump.
After months of talks and legal hurdles, a special-purpose acquisition company (SPAC) merged with Trump Media & Technology Group Corp., the parent company of Truth Social, on Monday. This made it possible for the company to quickly go public on the NASDAQ.
The news Monday caused the shares price of the SPAC Digital World Acquisition Corp. to rise about 35%. The new company will still be called Trump Media, but its stock symbol will be DJT.
- California RESIDENTS To RECEIVE $500 MONTHLY PAYMENTS In New Guaranteed Income Program: Here Is Who Is Eligible
- Us Job Market Booms With 272,000 New Jobs, But Unemployment Rises Slightly To 4.0%
- Credit Scores Of 720+ See Improved Loan Rates This Week
- Examining The Facts: Fact Check On IRS $8700 Stimulus Check Eligibility & Payment Dates
- Gas Prices On Downward Trend As Fourth Of July Road Trips Approach: AAA
There are about 58 percent of the new company that Trump owns. This share is worth about $3 billion. He won’t be able to sell shares for at least six months.
Things will stay the same at the parent company of Truth Social, which is run by former Rep. Devin Nunes (R-Calif.).
Nunes said in a statement, “As a public company, we will devote ourselves fully to our goal of creating a movement to take back the Internet from Big Tech censors.” “We will keep our promise to the people of the United States to protect free speech and fight the growing army of people who try to silence it.”
It was hard for Trump to pay a $464 million bond in his New York civil fraud case, which put his real estate business at risk. He really needs the money. On Monday, the bond was lowered to $175 million after an appeal. Trump said he would pay it.