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Donald Trump's Truth Social is set to become part of a publicly traded company after a long-delayed merger was approved.
On Friday, a shell company created solely to buy Truth Social's parent company, Trump Media & Technology Group, approved the merger, The New York Times reported.
👉Trump's net worth is set to jump more than $3 billion from the deal, based on his large stake in the social-media platform he helped create in the wake of his post-January 6, 2021, Capitol-riot bans on mainstream platforms.
Trump won't be able to sell his shares for at least six months 🔸unless the company's board waives a previous lockup agreement.
But if Trump wants to access his money sooner, it may not be a problem: The Washington Post pointed out the board would be stacked with Trump's allies.
Former congressman #Devin#Nunes, who was already the CEO of Truth Social's parent company, is set to become the CEO of the combined companies.
Donald #Trump#Jr., Trump's eldest son, also plans to be on the board.
The former Trump Cabinet officials #Robert#Lighthizer, who served as Trump's US trade representative, and #Linda#McMahon, who served as the administrator of the Small Business Administration, are also set to be on the board.
As soon as Monday, the new company could be relisted on the Nasdaq under the symbol #DJT, the miscreant's initials.
However there are also lawsuits between shareholders that could complicate the company's future.
The prospective windfall comes at a critical time for Trump -- He faces mounting costs from his legal fees and fallout from other cases.
Trump Media & Technology Group and its merger partner, Digital World Acquisition,
have both been rocked by legal warfare.
Their leaders, past and present, have traded heated accusations of #deception and #impropriety across
💥four lawsuits in three states. 💥
After Trump was booted from Twitter following the Jan. 6, 2021, insurrection,
👉three men played pivotal roles in building and promoting Trump Media as an online challenger against the “cancel culture” of Big Tech:
🔸#Andy#Litinsky and 🔸#Wes#Moss, former “Apprentice” contestants who co-founded and launched Truth Social;
and 🔸#Patrick#Orlando, who as chief executive of Digital World, a special purpose acquisition company, or SPAC, offered Trump’s company a path to investor cash.
🔥But all three are now leading a rebellion of their own, confronting and potentially imperiling a trophy of Trump’s post-presidential ambitions.
Their lawsuits call into question how Trump Media’s shares will be distributed, and a legal victory could chip away at Trump’s equity during a time when he is facing a cash crunch.
And the cases threaten to erode Trump’s grasp on a stake in the post-merger company potentially worth hundreds of millions of dollars
— a possible financial lifeline, given that he owes more than $500 million in legal fines.