Trump's Social Media Company Will Go Public After Merger With Shell Company Is Approved

NEW YORK (AP) — Donald Trump is returning to the stock market.

Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the former president’s media business in a Friday vote. That means Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will soon begin trading on the Nasdaq stock market.

Trump could receive a sizeable payout in the process. He would own most of the combined company — or nearly 79 million shares. Multiply that by Digital World’s closing stock price Thursday of $42.81, and the total value of Trump’s stake could surpass $3 billion. The shares did fall 6% after the merger approval was disclosed.

The deal receives a greenlight at a time the presumptive Republican presidential nominee is facing his most costly legal battle to date: a $454 million judgment in a fraud lawsuit.

But Trump won’t be able to cash out the deal’s windfall immediately, unless some things change, due to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months.

Trump’s presidential campaign did not immediately respond to request for comment.

Trump’s earlier foray into the stock market didn’t end well. Trump Hotels and Casino Resorts went public in 1995 under the symbol DJT — the same symbol Trump Media will trade under. By 2004, Trump’s casino company had filed for bankruptcy protection and was delisted from the New York Stock Exchange.

Ahead of the merger’s approval, Digital World’s regulatory filings listed many of the risks its investors face, as well as those of the Truth Social owner once Trump Media also goes public.

One risk, the company said, is that Trump would be entitled to vote in his