Trump's Truth Social clears hurdle to public listing that could bring $300 million: report
Donald Trump's Truth Social may be one step closer to going public in a deal that could inject hundreds of millions into the media company, Politico reported Thursday.
The Securities and Exchange Commission signed off on an outstanding hurdle to a merger to take the former president’s media company public, Politico's reports.
Information was provided to Politico by Trump Media & Technology Group and Digital World Acquisition Corp., the companies behind the deal.
If approved by investors, Truth Media could get an injection of cash of up to $300 million and Trump will gain a major stake in the company, Politico reports.
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“I never thought it would get to this point,” CEO of Accelerate Financial Technologies Julian Klymochko told Politico. “Deals die on the vine, but this one somehow managed to survive despite seemingly everything going against it.”
As a result of the news, shares for Digital World Acquisition Corp., or DWAC, skyrocketed more than 25 percent.
"The deal, if completed, will make Trump the combined company’s largest investor with more than 78 million shares," Politico's report stated. "That could mean he would hold as much as 69 percent of the outstanding stock, though he will not be able to sell the shares for several months after the deal closes."
Read the full report at Politico.