Stock Listing Offers Windfall For Trump As Bond Deadline Looms

Shareholders approved a merger Friday to list Donald Trump's social media venture on the stock market, providing a potential financial lifeline to the former president as he faces possible seizure of properties

New York, (UrduPoint / Pakistan Point News - 22nd Mar, 2024) Shareholders approved a merger Friday to list Donald Trump's social media venture on the stock market, providing a potential financial lifeline to the former president as he faces possible seizure of properties.

After many previous delays, investors voted to approve the merger of Digital World Acquisition and Trump Media & Technology Group -- owner of the Truth Social platform, company officials said on a webcast of the vote.

The action provides Trump with potentially some $3 billion as he faces a $454 million court payment in a fraud case in New York state, although he may not be able to access the funds for several months.

Truth Social was started by the ex-president and current presidential candidate after he was booted from Facebook and Twitter.

Trump's expected bounty stems from millions of shares he owns in Trump Media that are now worth billions with Friday's vote to combine with Digital World, a shell company created specifically to combine with an operating business.

However, such deals require principal shareholders such as Trump to hold the equity for six months before selling.