Donald Trump could receive a £2.6 billion windfall after investors approve plans to take his social media platform public
Great expectations: Donald Trump
Donald Trump could receive a £2.6 billion windfall after investors yesterday approved plans to take his social media platform public.
Trump Media & Technology Group (TMTG) – the company behind the former US president’s Truth Social site – is expected to list on the Nasdaq stock exchange in New York next week.
Trump founded Truth Social after leaving office and being kicked off Twitter, now known as X.
The payday would be a boost for Trump, who is facing huge legal bills as he runs for president again.
The former property magnate and reality TV star is struggling to raise £360 million following a civil fraud case in New York.
Shareholders of Digital World Acquisition – special purpose acquisition company – approved the plans last night. The company will trade under the ticker symbol DJT, after the Republican politician’s initials.
Under the terms of the deal, the former commander-in-chief would be banned from selling his shares – worth £2.6 billion – for at least six months.
But he could get a waiver to sell them early if the board — which includes his son Donald Trump Jr. belongs – agrees with that.