Posted on 02/23/2024 9:14:00 AM PST by SeekAndFind
The United States Securities and Exchange Commission (SEC) has approved a merger of former President Donald Trump's social media platform, Truth Social, with Digital World Acquisition Corporation (DWAC), which is a Special Purpose Acquisition Company (SPAC).
There were two years of delay leading up to the deal because of an investigation into the company by regulators. Now the SEC has approved the merger of approximately $10 billion after the long wait on Wall Street, according to reporting from OANN.
The Trump Media & Technology Group, which owned both companies, intends to take Truth Social public in an initial public offering (IPO). In order to have it go through the process, Trump had to give up a lot of equity in the platform.
According to SEC filings, Trump will own about $79 million in shares of the business. DWAC shares were trading at around $45-47 per share as of Tuesday. Depending on how the IPO will go, Trump's ownership ranges between 60-70 percent of the company.
Ahead of the election, the platform could become a boon for Trump depending on how the results of the primary and 2024 race play out.
Trump has full control of DWAC. Part of the agreement with the corporation is that no personal or political actions of his could disrupt his authority in the company even if such conduct was “dishonest, illegal, immoral, or unethical.”
The former president will have authority to choose board of director members and will be able to delegate control of the company. Trump would also possibly be able to obstruct actions that shareholders normally would need consent to.
Poorly written…
“According to SEC filings, Trump will own about $79 million in shares of the business. DWAC shares were trading at around $45-47 per share as of Tuesday. Depending on how the IPO will go, Trump’s ownership ranges between 60-70 percent of the company. “
I believe he will own 79 million shares @ $45-$47 which is between $3 billion and $4 billion not 79 million dollars in shares.
News Flash - NYS judge ups Trump fine to $10,000,000,000
Pay NY fines and get the hell outa there.
the surprise is that it was approved
Trump just, effectively, told that idiot judge Engoron to stuff it.
ENGLISH MIXED WITH MATH makes everything DOUBLY HARD...
I think there is a waiting period to cash in but maybe this will give him some help in raising the $.
Read an article today...this isn’t NY against Trump - not really. It’s the deep state against We The People. Impossible to exaggerate the seriousness of what they’re doing.
keep fighting ny to the USSC
Yup—this is our year.
The pieces are starting to fall into place.
Thanks.
BKMK
NY state will try to seize this!
I think there is a waiting period to cash in but maybe this will give him some help in raising the $.
RE: NY state will try to seize this!
For what LEGAL reason?
I caught that. Editors are dumber than “reporters”.
At this moment in Letitia James’ mind she doesn’t need a legal reason. She’s gonna seize whatever assets she can get her hands on.
They don’t need laws.
HAHAHA.
“REEEEEEEEEE” - DNCBSPBSNYTCNNMSNBC
In my fantasy world: Trump would tell That DA and judge who can’t understand normal thinking to go ahead and seize his buildings while the appeals work through the system. Let the politically connected DEI companies run them in to the ground. And when they go bankrupt, buy back his own property for pennies on the dollar using the equity from this merger. And when the appeals courts throw out the ridiculous fines New Yahk has to pay Trump back his “fine” with interest.
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