TECH - Legally Troubled Donald Trump May Earn Billions As His Social Media Firm Gets SEC Nod For DWAC Merger — But It'll Be A Long Wait | Benzinga
Donald Trump-linked SPAC Digital World Acquisition Corp. (NASDAQ:DWAC) announced late Wednesday that the SEC has approved the registration statement regarding its proposed merger with Trump Media & Technology Group, owner of the Truth Social platform. The amended S-4 statement filed with the regulator indicates that the former president could receive a windfall at a time when he faces financial challenges due to legal issues.
Fine Print: As per the merger agreement, Digital World will be renamed New Digital World, with each share valued at $10. Trump will hold at least 58.1% of the voting power and outstanding shares of New Digital World, making it a “controlled” company.
Reports suggest Trump could receive over 78 million shares, valued at approximately $3.94 billion based ...