Former President Donald Trump’s quest to establish a Florida-based social media platform as a conservative alternative to Twitter will face a critical vote on Monday when investors decide whether to extend a deadline allowing more time for the federal government to sign off on the deal.
A merger agreement between Sarasota-based Trump Media & Technology Group, Inc., and a publicly traded Miami investment company hangs in the balance, as shareholders decide whether to push for a one-year extension on a deadline to complete the $1 billion-plus deal by September 2023.
The shareholders’ vote is a crucial moment for the highly touted Trump-led platform “Truth Social,” because at least some investors have grown jittery about Trump Media’s merger with the Miami firm Digital World Acquisition Corp. and recently withdrew about $140 million from the deal. The merger could fall apart without a deadline extension because Digital World needs time to get approval from the Securities and Exchange Commission and to reassure investors of Truth Social’s viability.
