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Donald Trump's social media company set to go public - potentially netting him $3bn

March 26, 2024

Donald Trump's social media company, Truth Social, is set to go public - potentially netting the former US president $3bn.

It means Trump Media & Technology Group (TMTG), whose flagship product is the social networking platform, will soon begin trading on the Nasdaq stock market.

In a vote held on Friday, Digital World Acquisition Corp, a publicly traded shell company, approved a deal to merge with Mr Trump's media business.

The deal values his majority stake in the company at about $3.6bn (£2.8bn).

The windfall could prove vital as Mr Trump grapples with the financial fallout of a string of legal cases against him, including a $454m (£356m) judgment in a civil fraud case in New York.

Truth Social was launched in February 2022, a year after Mr Trump was booted from major social media platforms following the insurrection that took place at the US Capitol. He's since been reinstated but has stuck with Truth Social as a megaphone for his messages.

Meanwhile, Digital World's former CEO Patrick Orlando, and former Trump business associates Andy Litinsky and Wes Moss have separately sued to block the merger.

Source: Sky News

Image: Sky News