Donald Trump is due to see an estimated $3 billion windfall after shareholders of blank cheque company Digital World Acquisition Corporation (DWAC) green-lit a merger with the former president’s media company.
Shareholders of DWAC, a special purpose acquisition company (SPAC), on Friday approved the merger with Trump Media & Technology, which operates social media platform Truth Social.
This merger paves the way for the media company to go public as soon as next week under the ticker symbol “DJT” and hand Trump billions of dollars worth of shares.
Based on his more than 58% stake in the company, equal to 78 million shares, Trump’s stake is worth more than $3 billion based on DWAC’s share price of about $42.
Trump would not be able to immediately monetize the shares as they are subject to a lock-up agreement.
DWAC shares are up about 140% in the year-to-date as investors used it as a vehicle to show their support for Trump’s re-election bid.