of securities and exchange commission The SEC on Thursday cleared Donald Trump’s social media company to merge with a special acquisition vehicle, creating a publicly traded company, according to a new report from the newspaper. wall street journal.
The SEC has declared the registration statement on Form S-4 for the proposed business combination between Trump Media and Technology Group and Digital World Acquisition Corp. to be effective after a long delay. The merger was first proposed in late 2021, but was blocked by investigations by the SEC and the U.S. Department of Justice. Mr. Trump will own 58.1% of the new company, or more than 78 million shares, worth about $4 billion at just over $50 a share as of Thursday afternoon.
DWAC stock soared 30% on news of the merger approval Thursday morning, but was down about 15% during the day. The stock has risen 124% since a month ago, when Trump defeated his closest rival, former South Carolina governor Nikki Haley, by double digits in the Iowa caucuses. Haley has vowed to remain in the race, but Trump remains the front-runner for this year’s Republican presidential nomination despite several criminal charges at both the state and federal level. It is considered that
The new company is currently valued at around $7 billion at current stock prices, an impressive number for a company with relatively few active users.According to Truth Social, he has less than 1 million active users. CNN. Trump’s messages on the platform are widely distributed to other networks, which paradoxically somewhat reduces the need for some people to participate in Truth Social to read Trump’s messages. The former president has been suspended from major social media platforms including Facebook and Twitter. Events of January 6, 2021. And while both platforms say Trump can return, Trump has chosen to stay only on Truth Social.
Truth Social’s biggest selling point is the fact that it’s when President Trump posts exclusively, but the platform’s CEO also tries to convince potential users that the company is the only one that values free speech. I am trying my best to do so.
“Truth Social was founded to serve as a safe harbor for free expression and reclaim the voice of the people. Going forward, we will continue to walk the highways of free speech outside the suffocating stranglehold of Big Tech. “We aim to accelerate our efforts to build on this,” Trump Media & Technology Group CEO Devin Nunes said in a statement. Filed with SEC.
Nunes, a former Republican congresswoman from California, sued Twitter over two parody accounts that made fun of her.court Twitter dismissed from lawsuit In June 2020.
