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Shareholders of Digital World Acquisition Corporation (Dwac) have approved the merger with Donald Trump’s social media company. The agreement, writes CNBC, could earn the former president 3 billion dollars or even more. The shareholder vote came two and a half hours after the so-called Spac (a Special acquisition company is a company created specifically to raise funds on the markets and use them to merge with an unlisted company) announced its intention to merge with Trump Media & Technology Group, the company that owns the Truth Social platform, created in 2021 as an alternative to Twitter. The stock could begin trading as early as next week, under the ticker DJT, the former president’s initials.
Trump and the sanction
For Donald Trump, who owns approximately 79 million shares of the new company, an advantage of 3.5 billion dollars could derive from this, based on the current values of the Dwac stock. And yet, the former president will not be able to use these new assets to pay the $464 million fine that he must pay to the State of New York by Monday. According to the rules, its share package cannot be monetized before six months after the listing on the stock exchange. The move, however, could help him find an insurance company that will cover the cost of the fine imposed as part of the inflated assets trial.