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Donald Trump's Truth Social Clears Final Hurdle to Become Publicly Traded Company
Gizmodo
·
1y ago
Medial
The Securities and Exchange Commission (SEC) has approved the merger between Donald Trump's social media company, Truth Social, and Digital World Acquisition Corp, allowing it to become a publicly traded company. Trump will hold a 58.1% stake in the new company, worth around $4 billion. Truth Social has fewer than 1 million active users, but the CEO, Devin Nunes, claims it is a safe platform for free expression. The merge approval caused a 30% surge in DWAC's stock, but it later fell about 15%.
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Trump's Truth Social has a tiny following and is performing badly but could be valued at more than $5 billion
Business Insider
·
1y ago
Medial
Former President Donald Trump's social media platform, Truth Social, is set to merge with a publicly traded company, potentially valuing it at over $5 billion. Despite significant losses, Trump Media & Technology Group, the parent company of Truth Social, expects the losses to continue in the foreseeable future. Truth Social currently has a small user base compared to other platforms, with approximately five million active members. The merger approval comes as Trump faces mounting legal costs and penalties. Retail investors, including Trump supporters, have expressed their belief in the platform's potential.
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Trump's social media company to debut on Nasdaq following Digital World merger
Livemint
·
1y ago
Medial
Donald Trump's media business, Trump Media & Technology Group, which includes the social networking site Truth Social, is set to begin trading on the Nasdaq stock market soon. Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved the merger with Trump's media business. If the merger goes through, Trump could potentially receive a payout of over $3 billion. However, there is a lock-up provision that prevents immediate cashing out of the shares. The deal has faced legal challenges and Trump Media has reported losses in the past.
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Truth Social is going public
The Verge
·
1y ago
Medial
Shareholders of Digital World Acquisition Corporation have approved the merger with Truth Social, Donald Trump's social media app. This merger could potentially increase Trump's net worth by $3 billion. The merger will result in shareholders of DWAC becoming shareholders of Trump Media & Technology Group (TMTG), the parent company of Truth Social. Trump's media company is expected to start trading on Nasdaq under the symbol DJT as early as next week. However, Trump is currently prohibited from selling his shares or using them as collateral due to a lock-up provision, although he can request a waiver from the board.
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Investors greenlight Trump's $5.7 billion social media deal
Economic Times
·
1y ago
Medial
Former U.S. President Donald Trump's social media company, Truth Social, moved closer to a $5.7 billion merger with Digital World Acquisition Corp (DWAC) as investors in the blank-check acquisition company approved the deal. Trump's majority stake in the company is valued at around $3.3 billion. However, uncertainties remain as former DWAC CEO Patrick Orlando and former Trump business associates have sued for more shares. If completed, the deal would provide a $300 million cash infusion to Truth Social parent, Trump Media & Technology Group, which has been funding itself through borrowing. The fully diluted valuation for the combined company could be as much as $8.6 billion.
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Donald Trump's Truth Social deal has made him one of the 500 richest people in the world
Business Insider
·
1y ago
Medial
Donald Trump's net worth has soared to $6.5 billion, making him one of the 500 richest people globally, thanks to his Truth Social deal. The former US president has seen a series of wins recently, including a reduction in his bond for a fraud case to $175 million. Trump has heavily invested in the social media platform, Truth Social, and its parent company, Trump Media & Technology Group, which recently went public. Shares of the company surged by 56%, and it is estimated that Truth Social could have a valuation exceeding $5 billion with around 5 million users.
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As Truth Social business struggles, Trump Media goes big on crypto - The Economic Times
Economic Times
·
1m ago
Medial
Trump Media & Technology Group is shifting towards the cryptocurrency industry amidst struggles in generating revenue with its social media platform, Truth Social. While facing losses and declining stock value, the company has raised $2.5 billion to invest in Bitcoin and is planning to introduce crypto-related exchange-traded funds (ETFs) by collaborating with Crypto.com. Despite criticisms over Trump's engagement with the crypto sector, the move is perceived as a strategy to leverage Trump's brand and financial connections.
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Donald Trump's Truth Social opens new avenue for conflicts of interest
Economic Times
·
1y ago
Medial
Former President Donald Trump's social media company, Trump Media & Technology Group, went public this week and saw a surge in value driven by supporters and investors. The company, which owns the platform Truth Social, could potentially present ethical concerns if Trump retains control of the company while in office, allowing foreign leaders or special interests to influence him. Experts suggest that foreign governments or corporations could buy advertising on Truth Social or purchase shares in the company to sway Trump's favor. Trump's financial interest in his businesses while president violated ethical norms, and critics filed lawsuits claiming violations of the Constitution's anti-corruption clauses, but these were dismissed or declared moot. Presidential control of a media company also raises concerns about unfair competition and potential limitations on press independence.
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Trump's Truth Social overtakes Musk's X in value as shares surge
Inshorts
·
10m ago
Medial
Donald Trump's Truth Social has overtaken Elon Musk's X in value after its shares surged. Trump Media & Technology Group (TMTG) is now valued at over $10 billion, which is higher than X Holdings' estimated $9.4 billion valuation. While X and Truth Social are rival microblogging platforms, Musk has openly endorsed Trump in the upcoming US elections.
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Donald Trump’s Truth Social soars on market debut: all you need to know
Economic Times
·
1y ago
Medial
Donald Trump's social media company, Truth Social, experienced a strong market debut with its shares surging by approximately 16% on the first day of trading on Nasdaq. The company's market value currently stands at $7.85 billion, with Trump's stake worth around $4.6 billion. However, Truth Social's financials reveal a loss of $49 million in the first nine months of 2021, raised concerns about ongoing operational losses, and reported significantly lower user numbers compared to popular platforms like TikTok and Facebook. While small-scale investors are showing support for Trump and seeking to capitalize on the excitement, some investors remain cautious due to the company's dependency on Trump's presence.
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Former 'apprentices' and Trump Media cofounders file lawsuit claiming company execs tried to dilute their stake ahead of a potential merger
Business Insider
·
1y ago
Medial
Two cofounders of Donald Trump's media company, Andy Litinsky and Wes Moss, have filed a lawsuit alleging that company executives, including Trump, attempted to dilute their stake in the business before a potential merger. Litinsky and Moss claim that the executives planned to increase the amount of authorized stock, reducing their stake to less than 1%. The merger, which involves Trump's social media network Truth Social and blank-check company Digital World Acquisition, faces legal complications as three lawsuits have been filed that could impact the upcoming shareholder vote on the merger.
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