The final hurdle for the Trump Media & Technology Group (TMTG), whose major asset is the Truth Social platform, becoming a publicly listed entity has now been cleared after shareholders of the ‘blank check’ Special Purpose Acquisition Company (SPAC) Digital World Acquisition Corp. approved the merger with TMTG.
The new entity will trade on the Nasdaq under the ticker DJT (I kid you not) as early as next week.
Donald Trump himself (who is currently the executive chairman of TMTG) is estimated to be sitting on a 3 billion dollar paper profit once TMTG starts trading publicly. Trump owned about 90% of the company as of April 2023.
Digital World Acquisition Corp (DWAC) itself was formed in September 2021 by Miami-based, former Deutsche Bank and Wall Street banker Patrick Orlando.
DWAC was created with the help of ARC Group, a Shanghai-based firm specializing in listing Chinese companies on American stock markets that had been a target of SEC investigations for misrepresenting shell corporations.
DWAC was also linked with China Yunhong Group based in WUHAN (ever heard of that place?) until Orlando, who was running the merger with TMTG, promised to sever ties with China in December 2021, stating Yunhong was to "dissolve and liquidate".
In February 2022, it was reported that the connection between Shanghai-based ARC Capital and Digital World was more extensive than thought, with ARC offering money to get DWAC going.
