Shareholders of Digital World Acquisition Corp. (DWAC) have given their approval for a merger with Truth Social, a media startup owned by former President Trump.
This exciting development sets the stage for its stock market debut, which could potentially bring in a significant windfall of $3.5 billion for Trump.
Last month, the Securities and Exchange Commission (SEC) finally granted regulatory approval for the merger between the blank check company and Trump Media & Technology Group (TMTG), which had been delayed for quite some time.
According to reports, it is estimated that Trump could potentially earn approximately $3.5 billion from the deal.
This substantial amount is based on his ownership of nearly 79 million shares in the recently merged company.
The stock experienced significant fluctuations in value throughout Friday, opening at approximately $44 per share, reaching a peak of $46.70, and dropping to a low of $38.12.
Eventually, it stabilized around $41 shortly before noon.
Amidst his ongoing legal battle in a civil fraud case in New York, the former president is facing the possibility of a significant financial gain.
In a recent development, Trump’s legal team acknowledged the challenging task of obtaining the complete appeal bond, citing financial constraints.
If Trump fails to secure the substantial bond by Monday, he may face the potential seizure of his assets.
The attorney general’s office in New York has initiated the process of seizing Trump’s golf resort and private estate, Seven Springs, by filing judgments in Westchester County.
Initiating legal proceedings in the jurisdictions where Trump possesses real estate is the initial move in the endeavor to reclaim them.
A judgment has been entered in New York City, where Trump’s civil fraud trial occurred and where his renowned 40 Wall Street and Trump Tower properties are located.
Despite the potential financial gain on the horizon, Trump will face a temporary restriction that bars insiders from selling new shares for six months, preventing immediate access to the funds.
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