Achi news desk-
Shareholders of Digital World Acquisition Corp, a publicly traded shell company, voted on Friday to approve a merger with former US President Donald Trump’s media company.
This means that the Trump Media & Technology Group, whose main product is the social networking site Truth Social, will soon start trading on the US tech-heavy Nasdaq stock exchange.
Trump would own the largest piece of the combined company: nearly 79 million shares. That, multiplied by Digital World’s Thursday closing price of $42.81, would put Trump’s total stake at more than $3 billion (€2.8 billion).
But Trump won’t be able to immediately cash in on Friday’s windfall. That’s because of a “lock-up” provision that prevents insiders from selling newly issued shares for six months.
