In a significant move in the realm of social media, former President Donald Trump’s Truth Social platform is poised to go public following a merger agreement. Shareholders of Digital World Acquisition Corporation have given their approval for the merger with Trump Media & Technology Group, the parent company of Truth Social.
The merger, which received the green light on Friday, is expected to bring Truth Social into the public domain, marking a new chapter in its evolution. As part of the deal, Trump would hold approximately 80 million shares in the combined entity, representing a value of around three billion dollars. However, there is a stipulation that Trump cannot sell his shares for at least six months following the completion of the merger.
This move comes amidst ongoing legal challenges for Trump, including a high-profile civil fraud case in New York. The former president faces a looming deadline, set for Monday, to post a significant bond of 464 million dollars related to this case.
The decision to take Truth Social public through a merger underscores the growing influence of social media platforms in today’s digital landscape. Truth Social, positioned as an alternative to mainstream social media platforms, has garnered attention for its focus on free speech and conservative viewpoints.
As Truth Social prepares to enter the public markets, analysts and investors will closely monitor its performance and impact in the competitive social media space. The merger signals a strategic shift for Trump Media & Technology Group and could potentially reshape the dynamics of online discourse and engagement.
