Former President Donald J. Trump’s Media Empire Goes Public: DWAC and Trump Media & Technology Group Merge to Form DJT

Truth Social, owned by Trump Media & Technology, sees massive stock surge on debut

Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group, formerly known as SCN Media Networks, have completed their merger under the new stock ticker “DJT,” representing former President Donald J. Trump’s initials. The newly formed company is attracting significant attention in the market after months of delays due to Securities and Exchange Commission investigations.

On Monday, DWAC shareholders approved the merger, leading to a surge in DWAC’s stock on Tuesday as plans were unveiled for the company to begin trading under the new “DJT” ticker. Trump Media stock saw a 38% increase to $69.10 by 11:20 a.m. ET on Tuesday, reaching a high of 59% at $79.38 in the first half hour of trading. With former President Donald Trump holding approximately 80 million shares valued between $3 billion and $4 billion at the time of the merger announcement last week, his stake is expected to significantly increase following the first day of trading on the Nasdaq.

The merger between Trump Media and Digital World Acquisition Corp., initially proposed in October 2021, faced delays due to regulatory investigations into potential misrepresentation of talks between DWAC and Trump Media prior to public offering. Despite these challenges, no changes have been announced to the merger terms, including a six-month lock-up period preventing major shareholders like the ex-president from selling their shares.

Some observers see Trump Media’s decision to go public as an attempt by President Trump to boost his finances amidst mounting legal fees and penalties related to his businesses and personal life. With potential legal challenges continuing to mount, this move may prove beneficial for the former president as he navigates future legal battles.

Trump Media & Technology Group is now poised for growth with its new ownership structure, which includes digital media assets such as social media platforms and streaming services that will be integrated into its operations.

In conclusion, DWAC shareholders approved the merger with Trump Media & Technology Group on Friday leading to a surge in stock prices on Monday with plans announced for trading debut under DJT ticker on Tuesday. This move could benefit President Trump financially amidst mounting legal fees and penalties while also providing opportunities for growth through integration of digital media assets into its operations.

Leave a Reply