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SEC approves Trump Truth Social merger deal for up to $10 billion
The Post Millenial ^ | 02/23/2022 | Thomas Stevenson

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.


TOPICS: Business/Economy; Culture/Society; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: dwac; merger; sec; socialmedia; trump; truthsocial
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1 posted on 02/23/2024 9:14:00 AM PST by SeekAndFind
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To: SeekAndFind
There were two years of delay leading up to the deal because of an investigation into the company by regulators.
and
The Trump Media & Technology Group, which owned both companies

Gee, I wonder why the exceptionally long delay in approval? Not like the government is weaponized against any individuals or not. The American government is one of, if not the, most corrupt organizations in the world.
2 posted on 02/23/2024 9:23:54 AM PST by JoSixChip (2020: The year of unreported truths; 2021: My main take away from this year? Trust no one.)
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To: SeekAndFind

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.


3 posted on 02/23/2024 9:24:30 AM PST by gunnut
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To: SeekAndFind

News Flash - NYS judge ups Trump fine to $10,000,000,000


4 posted on 02/23/2024 9:24:43 AM PST by FatherofFive (Islam only understands Death and Pain. Give it to them. )
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To: SeekAndFind

Pay NY fines and get the hell outa there.


5 posted on 02/23/2024 9:32:06 AM PST by TornadoAlley3 ( I'm Proud To Be An Okie From Muskogee)
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To: JoSixChip

the surprise is that it was approved


6 posted on 02/23/2024 9:32:21 AM PST by joshua c
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To: SeekAndFind

Trump just, effectively, told that idiot judge Engoron to stuff it.


7 posted on 02/23/2024 9:38:01 AM PST by Signalman
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To: gunnut

ENGLISH MIXED WITH MATH makes everything DOUBLY HARD...


8 posted on 02/23/2024 9:38:40 AM PST by ridesthemiles
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To: gunnut

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.


9 posted on 02/23/2024 9:39:43 AM PST by Aria
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To: TornadoAlley3

keep fighting ny to the USSC


10 posted on 02/23/2024 9:39:51 AM PST by coalminersson (since )
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To: joshua c

Yup—this is our year.

The pieces are starting to fall into place.


11 posted on 02/23/2024 9:40:47 AM PST by cgbg ("Our democracy" = Their Kleptocracy)
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To: SeekAndFind

Thanks.
BKMK


12 posted on 02/23/2024 9:53:35 AM PST by Faith65 (Isaiah 40:31 )
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To: SeekAndFind

NY state will try to seize this!


13 posted on 02/23/2024 9:59:50 AM PST by 100%FEDUP
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To: Aria

I think there is a waiting period to cash in but maybe this will give him some help in raising the $.


“I have a structured settlement, but I need cash now!”


14 posted on 02/23/2024 10:00:20 AM PST by hanamizu ( )
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To: 100%FEDUP

RE: NY state will try to seize this!

For what LEGAL reason?


15 posted on 02/23/2024 10:04:04 AM PST by SeekAndFind
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To: gunnut

I caught that. Editors are dumber than “reporters”.


16 posted on 02/23/2024 10:07:36 AM PST by Fledermaus (Is it me, or all of a sudden have the buried trolls come out on FR like cicadas? It's all noise.)
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To: SeekAndFind

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.


17 posted on 02/23/2024 10:10:03 AM PST by 100%FEDUP
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To: SeekAndFind

They don’t need laws.


18 posted on 02/23/2024 10:17:33 AM PST by Jamestown1630 ("A Republic, if you can keep it.")
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To: SeekAndFind
because of an investigation SEC obstruction
19 posted on 02/23/2024 10:31:12 AM PST by ArcadeQuarters (You can't remove RINOs by voting for them!)
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To: SeekAndFind

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.


20 posted on 02/23/2024 10:44:24 AM PST by Organic Panic (Democrats. Memories as short as Joe Biden's eyes.)
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