WASHINGTON, D.C. – Former President Donald Trump’s media company, which owns Truth Social, has gained approval for a merger with Digital World Acquisition Corp., a move that would make the platform a publicly traded company, generating millions in revenue.
The U.S. Securities & Exchange Commission has given the green light for the merger, with the shareholder vote date to be announced within the next two days, according to an SEC filing. If the merger goes through, Trump would hold over 78 million shares, valued at nearly $4 billion at current prices.
Digital World CEO Eric Swider expressed pride in the progress made towards the business combination, calling it a significant milestone. He thanked the shareholders for their unwavering support and expressed excitement about sharing the news of the merger’s approval process with them.
While the merger appears to be a victory for Trump, it may face resistance from the co-founders of Trump Media, Andy Litinsky and Wes Moss. Their investment company, United Atlantic Ventures, has threatened to block the move, claiming that an initial agreement with Trump from 2021 was still in effect.
Former Republican Congressman Devin Nunes stated that Digital World’s aim is “to accelerate our work to build a free speech highway outside the stifling stranglehold of Big Tech,” according to reports.
The merger also faces potential obstacles from former CEO Patrick Orlando, who is reportedly seeking additional compensation. Despite these challenges, Trump’s Truth Social platform has garnered 6.61 million followers, a fraction of the 88 million followers he had on Twitter. Meanwhile, Trump currently has 87.4 million followers on the platform since his return. FOX Business has reached out to Truth Social for further comment.
If the merger is successful, it would mark a significant milestone for Trump’s media company and potentially reshape the landscape of social media and free speech.