Truth Social owner Trump Media & Technology Group announced Monday its merger with a publicly traded shell company has closed and trading will begin on the stock market on Tuesday.
The closing of the merger between Trump Media and Digital World Acquisition Corp. amounts to a multi-billion dollar windfall for former President Donald Trump, who is the chairman and dominant shareholder of the new company.
Trading of the new company under the ticker symbol “DJT” on the Nasdaq Stock Market is set to begin on Tuesday, the companies said.
News of the merger’s completion propelled shares of Digital World 21% higher on Monday. At current prices, Trump’s stake is valued at $3.5 billion. However, there are lock-up restrictions that would likely prevent Trump from selling or even borrowing against the value of that stock for months.
Devin Nunes, the CEO of the combined company, said in a statement that the business will move to “reclaim the Internet from Big Tech censors.”
“We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors,” Nunes said.
This is a developing story. It will be updated.
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