Truth Social - Photo by Chris Delmas/AFP/Getty Images
WASHINGTON DC (WSAU) – Former President Trump’s popular social media platform, Truth Social, will be merging with Digital World Acquisition Corporation after their $10 billion deal was approved by the SEC.
The Post Millennial reports that the companies are controlled by the Trump Media & Technology Group, which plans to go public with an IPO for Truth Social despite Trump having to give up a significant portion of the platform’s equity for it to proceed through the process.
SEC filings indicate that Trump will control approximately $79 million worth of company stock. As of Tuesday, DWAC shares were trading between $45 and $47 a share.
The report further stated that Trump will be in complete control of DWAC and a clause in the contract with the company states that none of his political or personal acts may undermine his influence within the organization, even if they were “dishonest, illegal, immoral, or unethical.”
This deal comes after New York AG Letitia James threatened to seize Trump’s assets, including his buildings if he is unable to pay the $354 million ordered by Judge Arthur Engoron. Trump has stated that he will be appealing the ruling due to there being no victims in the case and Trump repaying the loans to the banks.
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