Will The Truth Social Merger Help Trump Pay His $454 Million Penalty?
Summary from the AllSides News Team
Former President Donald Trump stands to profit upwards of $3 billion from the recent merger of his social media company, Truth Social, with Digital World Acquisition Corp.
Details: Digital World Acquisition Corporation shareholders voted on Friday in favor of the merger, combining the special purpose acquisition company with Truth Social to create Trump Media, publicly traded under the stock symbol DJT. Trump’s 58% stake is valued to be worth as much as $3.3 billion.
For Context: This potential windfall comes amid Trump's looming $454 million penalty deadline associated with a civil fraud case in New York. If unable to pay, New York Attorney General Letitia James could potentially seize Trump's properties. Some strategists and experts shared doubts about Trump’s ability to liquidate his newly earned share in time to meet the payment deadline, given that Trump is barred from selling any shares in the new company for at least six months unless the board waives this rule. Moreover, the merger approval happens as Trump continues to face a significantly lower campaign fund compared to President Biden, making this financial boost potentially vital for his 2024 campaign.
How the Media Covered It: Forbes (Center bias) emphasized the hurdles Trump might encounter while trying to use his new wealth to cover his looming debt. NBC News (Lean Left bias) suggested this might not be an immediate solution for Trump's financial struggles. The New York Post (Lean Right bias) focused on its potential to help Trump as the 2024 election season ramps up. This summary was developed with the help of AllSides' AI technology.
Featured Coverage of this Story
From the Left
Trump's social media company will go public in a merger that could net the cash-strapped ex-president $3 billion
Shareholders in Digital World Acquisition Corporation voted Friday to approve a merger with Donald Trump’s social media company, a deal that could net the former president an eventual windfall of $3 billion or more.
The vote by DWAC shareholders comes about two-and-a-half years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns the Truth Social app platform.
It also comes as Trump faces the possibility that New York Attorney General Letitia James on Monday will start trying to collect on a massive $454 million civil...
From the Center
Why Trump’s $3 Billion Truth Social Windfall Might Not Keep Him From Losing Golf Club—Or Other Properties
Former President Donald Trump is expected to net a $3 billion windfall from his social media company Truth Social’s merger on Friday, providing the former president a massive financial boost as the clock winds down to pay a $464 million bond in his New York civil fraud case, though experts say that windfall might not solve Trump’s problems as he risks having his properties seized.
Truth Social, Trump’s response to Twitter after he was booted from the platform in the wake of the Jan. 6 Capitol Insurrection, will go public...
From the Right
Trump’s Truth Social wins OK to go public, cash-strapped ex-president’s stake worth over $3B
Donald Trump’s Twitter clone Truth Social is slated to make its stock market debut as early as next week — giving the cash-strapped ex-president a potential windfall of more than $3 billion as the 2024 election season heats up.
Shareholders of blank-check acquisition company Digital World Acquisition Corp. on Friday approved a merger with the social media app’s parent company, Trump Media & Technology Group. Trump’s 58% personal stake in the publicly traded entity will be worth as much as $3.3 billion.
The deal comes as the presumptive Republican 2024...
AllSides Picks
April 26th, 2024
April 22nd, 2024
April 26th, 2024
April 25th, 2024
More News about Donald Trump from the Left, Center and Right
From the Left
From the Center
From the Right
