Donald Trump's social media startup is poised for its trading debut on Tuesday, following a successful merger with Digital World Acquisition Corp. This move could potentially grant Trump a financial boon of nearly $4 billion in shares, albeit with certain restrictions and performance criteria that could delay his ability to cash in on this windfall.
The merger, which faced delays over two years, is now set to see Trump Media & Technology Group trading on the Nasdaq under the symbol DJT. This development comes at a pivotal moment for Trump, who has recently been designated the presumptive Republican presidential nominee amidst mounting legal financial pressures.
Eric Swider, CEO of Digital World, will join the board of the newly merged entity, which will be spearheaded by Devin Nunes, a former California Representative and current CEO of Trump Media. This strategic move could not only alleviate Trump's current financial strains but also bolster his re-election campaign.
Following the shareholder vote, DWAC's shares saw a nearly 14% increase to $41.99, reversing a previous decline. The company's warrants also experienced a surge, climbing by nearly 10%. The SPAC has gained significant attention from investors and retail traders alike, who view it as a direct investment into Trump's political future.
DWAC's performance has been a topic of interest across various trading forums, with many users encouraging investments in the stock. This enthusiasm reflects the broader anticipation surrounding Trump's ventures and their potential impact on the market.
