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News on Medial
U.S. regulators clear Trump's media firm deal with Digital World
Reuters
ยท
1y ago
Medial
The U.S. Securities and Exchange Commission has approved the merger between blank-check acquisition company Digital World Acquisition Corp and former President Donald Trump's media and technology company, Trump Media & Technology Group. Trump will hold a 58% stake in the new company. Digital World's shares surged nearly 30% in response to the news. The merger is seen as a major boost for Trump, who aims to connect with his followers through the social media platform, Truth Social.
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Trump's media deal partner nears $50 million financing
Reuters
ยท
1y ago
Medial
Digital World Acquisition Corp (DWAC), the blank-check acquisition company set to take former U.S. President Donald Trump's social media platform Truth Social public, is close to securing a $50 million financing deal. The deal, based on convertible notes, will assist DWAC in its merger with Trump Media & Technology Group (TMTG). Investment firms Anson Funds, All Blue Capital, and Mangrove Capital Partners have offered to purchase the convertible notes. The deal is expected to be announced in the coming days, though the details may still change.
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Investors greenlight Trump's $5.7 billion social media deal
Economic Times
ยท
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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Trump's social media company to debut on Nasdaq following Digital World merger
Livemint
ยท
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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Investors greenlight Trump's $6 billion social media deal
Economic Times
ยท
1y ago
Medial
Investors in a blank-check acquisition company, Digital World Acquisition Corp (DWAC), have approved a deal worth about $6 billion, allowing former US President Donald Trump to potentially earn a windfall from his social media firm, Truth Social. The deal values Trump's majority stake in the company at around $3.6 billion. However, the deal's future is uncertain as former DWAC CEO Patrick Orlando and former Trump business associates have sued to block the merger, claiming they are entitled to more shares. Even if the deal is completed, Trump will have restrictions on selling or borrowing against his shares for six months.
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Investor in company that took Trump Media public pleads guilty to insider trading
Reuters
ยท
1y ago
Medial
Gerald Shvartsman, an early investor in the company that took Donald Trump's media business public, has pleaded guilty to federal insider trading charges. Shvartsman, along with his brother and the chief investment officer of their venture capital firm, allegedly tipped others about the company's merger talks and illegally profited by $22 million. The company, Digital World Acquisition, later merged with Trump Media and has recently disclosed significant financial losses. Trump Media is also facing legal disputes with co-founders.
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Truth Social is going public
The Verge
ยท
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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US senator Warner says new Donald Trump TikTok extension may violate law
Economic Times
ยท
4m ago
Medial
Senator Mark Warner criticized President Trump's decision to extend the deadline for ByteDance, TikTok's parent company, to divest its U.S. assets, claiming it violates legal requirements. Warner expressed concerns that the proposed deal would allow ByteDance to retain influence over TikTok, endangering national security. The deal involves creating a U.S.-based company for TikTok, but requires Chinese approval, causing opposition. Trump's administration is engaging with several groups regarding the potential TikTok acquisition.
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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
ยท
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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EU prepares major penalties against Elon Musk's X
Economic Times
ยท
4m ago
Medial
European Union regulators are preparing substantial penalties against Elon Musk's social media platform X for violating the Digital Services Act, aimed at curbing illicit content and disinformation. The impending penalties, potentially exceeding $1 billion, may include a fine and demands for product changes. This action could escalate tensions with the U.S. Further investigations into X's content moderation practices are ongoing, with possible additional penalties. The case highlights the EU's commitment to stringent regulation of tech giants.
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Abu Dhabi's MGX to use Trump-linked stablecoin for $2 bn investment in Binance
VCCircle
ยท
4m ago
Medial
Abu Dhabi's investment firm MGX is using a stablecoin launched by Donald Trump's World Liberty Financial venture for a $2 billion investment in Binance, the world's largest crypto exchange. Announced at the TOKEN2049 conference by co-founder Zach Witkoff, this stablecoin, USD1, is fully backed by U.S. Treasuries and cash equivalents to maintain its $1 value. This move strengthens ties between Binance and the United Arab Emirates amid growing crypto interest.
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