Trump's Truth Social goes public

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Former President Donald Trump's social media platform Truth Social is set to become a publicly traded company on Tuesday, March 26, 2024 under the ticker symbol "DJT" on the Nasdaq stock exchange134513. This comes after shareholders of the special purpose acquisition company (SPAC) Digital World Acquisition Corp. (DWAC) voted on Friday to approve a merger with Trump Media & Technology Group (TMTG), the parent company of Truth Social2371015. The merger gives TMTG access to over $300 million that DWAC raised from investors, providing crucial capital for the money-losing media business414. Based on DWAC's current stock price, the merged company is expected to debut with a market value of approximately $5-6 billion1467. Trump's 79 million shares could be worth around $3 billion, representing a major potential windfall for the former president amid mounting legal fees467. However, TMTG has struggled financially since Truth Social's launch in February 2022, generating only $3.3 million in revenue in the first nine months of 2023 while racking up tens of millions in losses41214. The platform also has a relatively small user base, estimated at around 5 million active users compared to established social media giants413. DWAC's stock has behaved like a "meme stock", with prices surging based more on online hype and speculation around Trump's political prospects rather than business fundamentals5613. Many analysts believe the valuation is significantly inflated and divorced from the company's actual financial performance and growth potential4613. Trump and other TMTG insiders are restricted from selling shares for six months post-merger467. But if his popularity holds up, it could provide the former president a substantial boost to his net worth even if the stock price declines from current levels over time613. The newly public company will face scrutiny as it will be required to disclose more financial details and material news as a publicly traded entity7.
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