Trump’s Truth Social Merges with DWAC in $10B Deal Approved by SEC, US

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WASHINGTON DC – Former President Trump’s popular social media platform, Truth Social, will be merging with Digital World Acquisition Corporation after their $10 billion deal was approved by the SEC.

The Post Millennial reports that the companies are controlled by the Trump Media & Technology Group, which plans to go public with an IPO for Truth Social despite Trump having to give up a significant portion of the platform’s equity for it to proceed through the process. SEC filings indicate that Trump will control approximately $79 million worth of company stock. As of Tuesday, DWAC shares were trading between $45 and $47 a share.

The report further stated that Trump will be in complete control of DWAC and a clause in the contract with the company states that none of his political or personal acts may undermine his influence within the organization, even if they were dishonest, illegal, immoral, or unethical.

This deal comes after New York AG Letitia James threatened to seize Trump’s assets, including his buildings if he is unable to pay the $354 million ordered by Judge Arthur Engoron. Trump has stated that he will be appealing the ruling due to there being no victims in the case and Trump repaying the loans to the banks.

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Shreya Gupta
Shreya Gupta
Shreya Gupta is an insightful author at The Reportify who dives into the realm of business. With a keen understanding of industry trends, market developments, and entrepreneurship, Shreya brings you the latest news and analysis in the Business She can be reached at shreya@thereportify.com for any inquiries or further information.

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