Donald Trump’s Truth Social App Set to Go Public, Could Net Him Millions
America ı By Jackie Allen
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Trump’s Truth Social
Trump's media company, Trump Media and Digital World, which oversees the Truth Social app, is on the verge of merging and becoming a publicly traded entity on Wall Street. Under the leadership of Devin Nunes, the former California congressman, Trump Media launched Truth Social in 2021. Positioned as a Twitter alternative, Truth Social prides itself on fostering an open and unbiased global dialogue, regardless of political affiliations. According to the SEC filing in the 90 days ended Sept. 30, 2023, Trump Media brought in $1.1 million of revenue. This is a big leap compared with $203,000 in the same period of the previous year. Reports indicate that this move could potentially yield a windfall of around $300 million, with Trump poised to emerge as the majority shareholder. Positioned as a Twitter alternative, Truth Social prides itself on fostering an open and unbiased global dialogue, regardless of political affiliations. The path to public offering received a significant boost as Truth Social secured regulatory approval from the U.S. Securities and Exchange Commission (SEC) to merge with Digital World Acquisition Corp (DWAC), a blank check company.SEC Green Light
With the SEC's green light, DWAC is set to proceed with its registration statement and announce a shareholder vote date imminently. This development has spurred a nearly 15% surge in DWAC's shares, translating to a market capitalization of approximately $1.86 billion. The impending merger represents a critical milestone for Trump Media, paving the way for the company to join the ranks of publicly traded entities in the United States. The infusion of millions from the deal, coupled with Trump's substantial stake in the company, underscores the potential magnitude of this venture.Overcoming Challenges
Julian Klymochko, CEO of Accelerate Financial Technologies, which operates a fund focused on so-called blank-check enterprises, expressed astonishment at the deal's progression.
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