Trump Media & Technology Group, the owner of Truth Social, has successfully completed its merger with a publicly-traded shell company, as announced on Monday. This development marks a significant milestone for former President Donald Trump, who serves as the chairman and primary shareholder of the newly formed entity.
The merger between Trump Media and Digital World Acquisition Corp. represents a substantial financial gain, amounting to a multi-billion dollar windfall for Trump. The completion of this merger sets the stage for trading to commence on Tuesday, with the new company being listed under the ticker symbol 'DJT' on the Nasdaq Stock Market.
Following the news of the merger's closure, shares of Digital World surged by 21% on Monday, reflecting investor optimism and market interest in the newly combined entity. At present market prices, Trump's ownership stake in the company is valued at an impressive $3.5 billion.
It is worth noting that there are lock-up restrictions in place that are likely to prevent Trump from selling or leveraging the value of his stock for a certain period of time. These restrictions are common in such transactions and are aimed at ensuring stability and preventing excessive volatility in the stock price.
