Donald Trump’s ‘Truth Social’ to go public

Mar22,2024



New Delhi: East chairman donald trump'S social media company “true social“It is set to become a publicly traded entity, which could result in the former president owning billions of dollars worth of stock on paper.
Digital World Acquisition Corporation, a publicly traded shell company, got approval from its shareholders in a Friday vote to merge with the former president's media business. This has paved the way for Trump Media & Technology Group, best known for its flagship product Truth Social. Trading on the Nasdaq stock exchange soon.
Trump could receive a huge payout in the process. He will own the majority of the combined company – or about 79 million shares. Multiply that by Digital World's closing stock price of $42.81 on Thursday, and the total value of Trump's stake could exceed $3 billion. Shares fell 5% after the merger approval was announced.
The greenlight on the deal comes as the potential Republican presidential nominee faces his most expensive legal battle yet: a $454 million verdict in a fraud lawsuit.
Trump Media and Digital World first announced their merger plans in October 2021. In addition to the federal investigation, the deal faces a number of lawsuits leading up to Friday's vote.
Truth Social was launched in February 2022, after Trump was banned from major social platforms, including Facebook and Twitter, following the January 6 insurrection at the US Capitol. He has since been reinstated to both, but remains associated with Truth Social as a megaphone for his message.
Trump promoted Truth Social in a post on the social media network Thursday evening, saying: “Truth Social is my voice, and the real voice of America!!!” MAGA2024!!!
Trump Media does not disclose Truth Social's user numbers. But research firm SimilarWeb estimates it had about 5 million active mobile and web users in February. That's well below TikTok's more than 2 billion and Facebook's 3 billion — but still more than rivals like Parler, which has been offline for nearly a year but is planning a comeback, or Gettr, which had 2 million in February. There were less visitors than.
(with inputs from agencies)



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