Shareholders of Digital World Acquisition Corporation (DWAC) voted to approve a merger with Trump Media & Technology Group (TMTG) on Friday, potentially netting billions of dollars to former President Donald Trump, Axios reported.
The vote to approve the merger with TMTG, the parent company of Truth Social, could give Trump almost 79 million shares of stock in the entity, worth over $3 billion, The Hill reported. Former Republican Rep. Devin Nunes of California will serve as CEO of TMTG, according to Axios.
While Trump is barred from selling shares for six months, he could receive a waiver to sell from the board, Axios reported.
The merger comes as Trump faces a Monday deadline to post an appeals bond of over $450 million to cover the judgmentin a civil fraud case issued by New York Judge Arthur Engoron.
Trump announced he would start the social media company in October 2021, months after being banned from Twitter and other social media sites in the wake of the January 6, 2021, riot at the Capitol building.
Twitter reinstated Trump in November 2022 following an online poll by Elon Musk, who completed the acquisition of the social media site in October of that year.
The Trump Media and Technology Group did not immediately respond to a request for comment from the Daily Caller News Foundation.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org
Republican Attorneys General Ken Paxton of Texas and Kris Kobach of Kansas announced two related…
U.S. special operations troops stationed at a French military base in Chad have relocated to…
Benjamin Netanyahu should look Tony Blinken in the eye, say go home, and tell Joey…
In 1996 a book written by Peter Collier and David Horowitz, titled “Destructive Generation”, was…
The Democrats and the legacy media flipped out over Gov. Kristi Noem putting down her…
The pro-Palestinian, pro-Hamas, anti-Israel protests have spread to university campuses across the country, just as…