Great expectations: Donald Trump
Donald Trump could get a £2.6billion windfall after investors yesterday approved plans to take his social media platform public.
Trump Media & Technology Group (TMTG) – the firm behind the former US president’s Truth Social site – is expected to list on New York’s Nasdaq exchange next week.
Trump set up Truth Social after leaving office and getting kicked off Twitter, now known as X.
The pay day would be a boost for Trump who is facing huge legal bills as he runs for president again.
The former real estate mogul and reality TV star has been struggling to raise £360m following a civil fraud case in New York.
Shareholders of Digital World Acquisition – special-purpose acquisition company – approved the plans yesterday evening. The company will trade under the ticker symbol DJT, after the Republican politician’s initials.
Under the terms of the deal, the former commander-in-chief would be prohibited from selling his shares – valued at £2.6billion – for at least six months.
But he could get a waiver to sell them early if the board – which includes his son Donald Trump Jr – agrees.
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