After more than two years of delay, Digital World Acquisition Corp’s shareholders agreed on Friday to merge with Trump Media & Technology Group, the entity behind the Truth Social app. The merged entity will be named Trump Media. Its shares are planned to start trading publicly next week, bearing the ticker symbol DJT, reflecting Trump’s initials.
After the merger, Trump will hold 80 million shares in the company, giving him 60% ownership. Based on predictions of Digital World’s share price, his stake will be worth around $3.3 billion.
Charlie Kirk, founder of Turning Point USA, announced the news on social media. “The vote today allows Trump Media & Technology Group, the company behind Truth Social, to become a publicly listed entity. This could bring Trump a $4 billion profit,” he posted.
If Trump wants to use his shares to pay for the exorbitant bond requirement in the Letitia James fraud case while filing an appeal, he may need to obtain a waiver to sell his shares before the lock-up period expires. Though Trump has nearly $500 million in liquid assets, it’s speculated he needs double that to secure a bond of this magnitude. The merger’s approval signals that TMTG shares will be available on Nasdaq under ‘DJT’ possibly as soon as next week.
Donald Trump has stated in the past that he possesses nearly $500 million in cash, despite his lawyers indicating to a New York court that he is unable to raise the funds. Meanwhile, the $464 million bond payment is approaching fast. It is too fast for Trump to sell, but he could potentially use his stake as leverage to secure the bond.
Trump has consistently asserted his billionaire status, attributing much of his wealth to the Trump Organization and his real estate ventures aimed at brand enhancement.
On Friday, Trump took to his Truth Social platform in a bold, all-caps message, claiming he had amassed “almost” $500 million through “hard work, talent, and luck.” He mentioned that this significant sum was earmarked for his presidential campaign efforts.
In the meantime, New York Attorney General Letitia James is lurking in the financial shadows, ready to pounce on Trump’s assets like a cat on a mouse if he fails to pay the $464 million bond in his Manhattan fraud case. It’s almost as if she’s got her shopping cart ready for a spree, with all things Trump on her list.
Recent reports indicate that James is taking concrete steps to confiscate former President Donald Trump’s assets to settle a staggering $454 million judgment against him in a civil fraud lawsuit. It is worth noting that James had committed to pursuing this case before she even assumed office.
On Sunday, Trump took a swipe at Fox News, saying, “They don’t want to discuss how ridiculous the Corrupt Judge’s fine of 450 Million Dollars is. It should be $ZERO.” He added that the only fraud was the Judge’s valuation of his Palm Beach property, Mar-A-Lago and that the court should be awarding him damages. ” THESE ARE NOT THE PEOPLE THAT MADE AMERICA GREAT, THESE ARE THE PEOPLE THAT ARE DESTROYING AMERICA!”
The former president has vowed that he will take the matter “all the way to the U.S. Supreme Court if needed.” Given that the fraud case was adjudicated in a state court, Trump would generally need to navigate through the state’s appeals process before considering bringing his case to the U.S. Supreme Court unless he seeks and succeeds in getting a federal court to intervene.
If a person loses a case in a federal appellate court or in the highest court of their state, which in New York is known as the Court of Appeals, they have an option to request the Supreme Court to review the case. This can be done by filing a petition which essentially asks the Supreme Court to examine the case.
