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.
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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.
The former president would be required to hold his shares for six months if and when the social media platform goes public.
Trump's supporters have banded together to push up the stock, valuing Truth Social to a staggering $6 billion, the outlet added.
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Truth Social's parent company, Trump Media & Technology Group (TMTG), is set to go public by combining with a special-purpose acquisition company (SPAC), the Journal reported. The shareholders are expected to approve the merger Friday morning.
The SPAC, blank check company Digital World Acquisition Corp. (DWAC), would take TMTG public, Bloomberg News reported, with a number of insiders — from management to sponsors, and even former associates who sued to stall or block the deal — ready to pocket millions of dollars.
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.
Shares of DWAC have held onto a 145% gain this year, Bloomberg News added.
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.
Although TMTG has struggled to generate a profit, investors have paid little attention to the company's financials. DWAC has become a meme stock that traders pour into to bet for or against Trump.
Trump's company, with the new ticker DJT, could replace DWAC in the stock market as soon as Monday, the Journal reported.
Trump created Truth Social after he was banned on Facebook and Twitter, now known as X. He since has been reinstated by Facebook and X, though he relies on Truth Social to comment.
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Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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