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Former President Trump will find retired Friday if his societal media level Truth Social will beryllium green-lighted to beryllium traded connected nan Nasdaq banal market.
A ballot will return spot connected whether Trump’s media company, Trump Media & Technology Group, which operates his Truth Social site, tin merge pinch Digital World Acquisition Corp, a publicly traded ammunition company.
If nan woody is approved, Trump Media & Technology Group could soon commencement trading connected nan stock market successful Digital World’s place, perchance netting nan erstwhile president billions of dollars.
Trump launched nan societal media level successful February 2022, a twelvemonth aft he was kicked disconnected platforms specified arsenic X, Facebook and Instagram, pursuing nan riot astatine nan U.S. Capitol. Following nan lifting of those bans, he has slow returned to utilizing them – though he has only erstwhile utilized X, posting a constabulary mugshot image of himself pursuing his apprehension connected racketeering and related charges.
TRUMP'S TRUTH SOCIAL MEDIA DEAL CLEARS SEC HURDLE WORTH MILLIONS
Former President Trump's Truth Social is group to beryllium approved to participate nan banal marketplace later today, perchance netting nan erstwhile president billions. (James Devaney/GC Images | App store)
The immense mostly of his societal media activity complete nan past 2 years has been connected Truth Social.
"TRUTH SOCIAL IS MY VOICE, AND THE REAL VOICE OF AMERICA!!! MAGA2024!!!" Trump posted to nan level Thursday up of nan vote.
Should nan merger spell through, Trump would hold more than 78 cardinal shares.
Multiply that by Digital World’s existent banal value of much $42, and nan full worth of Trump’s liking could surpass $3 billion, The Associated Press reports.
The Truth societal web logo is seen displayed successful this image illustration taken Feb. 21, 2022. (REUTERS/Dado Ruvic/Illustration / Reuters Photos)
TRUMP'S SOCIAL MEDIA APP FACING FINANCIAL FALLOUT
Trump, who would ain betwixt 58% and 69% of nan company, and different investors could gain tens of millions much shares per a provision, known arsenic an "earnout," tied to nan stock’s performance, according to a filing, The Washington Post antecedently reported.
The merger could look guidance from Trump Media’s co-founders, Andy Litinsky and Wes Moss, whose finance company, United Atlantic Ventures, has threatened to artifact nan move.
That institution sent letters to Digital World claiming its first statement pinch Trump from 2021 was still successful effect and granted them nan authorities to name 2 board to nan committee and to person a $1 cardinal reimbursement claim, a filing said.
Digital World has besides disclosed that erstwhile CEO Patrick Orlando whitethorn clasp up nan woody because he wants to person further compensation, Reuters reported.
Truth Social has struggled since its launch, losing $31.6 cardinal from its launch successful early 2022 to mid-2023, according to nan filing reported by Reuters.
In 2022, Truth Social posted a profit of $50.5 million, pinch nett income of $1.4 million. It mislaid $23 cardinal successful nan first half of 2023 pinch nett income of $2.3 million.
Elon Musk reinstated erstwhile President Trump to X pursuing a vote. (REUTERS/Gonzalo Fuentes / Reuters Photos)
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Trump has 6.7 cardinal followers connected Truth Social, compared to nan much than 87.4 cardinal followers he has connected X.
The Associated Press, citing investigation patient Similarweb, estimates that Truth Social had astir 5 cardinal progressive mobile and web users successful February. Trump Media has not disclosed its personification numbers. Facebook had 3 cardinal progressive users, TikTok has much than 2 billion, while Gettr had little than 2 cardinal visitors successful February, nan publication reports.
X has 528.3 cardinal monetizable monthly progressive users, according to searchlogistics.com.
