TheSecurities and Exchange Commission(SEC ) gave the immature light on Thursday for a merger between Donald Trump ’s societal media company and the extra use attainment company that will allow it to become a publicly traded ship’s company , according to a unexampled report from theWall Street Journal .
The SEC declare effective the Registration Statement on Form S-4 for the proposed business combination between Trump Media and Technology Group and Digital World Acquisition Corp after retentive delays . The merger was first propose in late 2021 but had been obstruct by investigating by the SEC and the U.S. Department of Justice . cornet will hold more than 78 million shares in the newly created company , a 58.1 % stake , which is deserving about $ 4 billion at just over $ 50 per share as of Thursday afternoon .
DWAC ’s blood soared 30 % on the news of the merger favorable reception Thursday morning , though fall about 15 % throughout the day . The stock has zoom 124 % since a month ago when Trump deliver the goods the Iowa caucuses , besting his closest opposite , former South Carolina governor Nikki Haley , by two-fold digits . While Haley has pledged to remain in the race , Trump is still take the favorite to become the Republican nominee for President of the United States this year despite several criminal indictment at both the state and Union horizontal surface .
Donald Trump attends a pre-trial hearing at Manhattan Criminal Court on 17 December 2024, in New York City.Photo: Photo by Brendan McDermid-Pool/Getty Images (Getty Images)
The new company ’s current valuation is somewhere in the neighborhood of approximately $ 7 billion at the current stock price , an astounding bod for a company with relatively few active substance abuser . Truth Social has less than 1 million active exploiter , accord toCNN . Trump ’s messages on the political program are widely broadcast across other meshing , which , paradoxically , somewhat reduces the need for some people to join Truth Social to read Trump ’s messages . The former president was suspended from major social media platforms such as Facebook and Twitter afterthe events of January 6 , 2021 . And while both platform have said he can return , Trump has opted to remain exclusively on Truth Social .
The self-aggrandising selling item of Truth Social is the fact that it ’s where Trump posts exclusively , but the CEO of the platform is doing his best to endeavor to win over potential user it ’s the only company that care about free speech .
“ Truth Social was create to serve as a safe harbor for free expression and to give people their voices back . Moving forward , we aim to accelerate our work to build a free speech highway outside the stifling stranglehold of Big Tech , ” the CEO of Trump Media and Technology Group Devin Nunes said in a statementfiled with the SEC .
Nunes , a former Republican congressman from California , litigate Twitter over two parody explanation that were realise fun of him . The courtdismissed Twitter from the casein paint June 2020 .
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