Former President Donald Trump could be on the verge of receiving a $3.5 billion windfall thanks to his Truth Social platform.
Trump, whose lawyers this week said has been unable to obtain a bond that would allow him to appeal a $464 million judgment in a New York civil fraud case, would benefit financially by Truth Social going public — something that could happen as soon as next week.That would mean Truth Social, which Trump founded in 2021, would be listed on the stock market, though the deal still needs to be approved by shareholders, The Wall Street Journal reported.
Trump's supporters have banded together to push up the stock, valuing Truth Social to a staggering $6 billion, the outlet added.Truth Social's parent company, Trump Media & Technology Group , is set to go public by combining with a special-purpose acquisition company , the Journal reported. The shareholders are expected to approve the merger Friday morning.
Former Rep. Devin Nunes, R-Calif., who left Congress to become CEO of Trump Media, will have a less than 1% stake worth $4.9 million.DWAC moved on Tuesday to ensure that the deal goes through by suing to force its sponsor, ARC Global Investments II, to vote in favor of the deal, Bloomberg News said.
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