A merger to float Donald Trump’s social media business on the stock market was approved by shareholders today, giving the former US president a possible financial lifeline as he prepares to have his properties seized, reports RTE.
According to business executives on a webcast of the vote, investors finally approved the merger of Digital World Acquisition and Trump Media & Technology Group, which owns the Truth Social platform, after several delays.
Though he could not have access to the money for several months, the measure gives Mr. Trump potentially $3 billion as he confronts a $454 million court judgement in a fraud lawsuit in New York state, reports RTE.
After being banned from Facebook and Twitter, the former president and current presidential contender founded Truth Social.
The reason for Mr. Trump’s anticipated wealth is his millions of shares in Trump Media, which are now valued at billions due to today’s decision to merge with Digital World, a shell corporation established expressly to merge with an active firm.
But these agreements mandate that major investors, like Mr. Trump, retain the stock for six months before selling, reports RTE.
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