4Former President Donald Trump could stand to make billions from his social media platform, Truth Social, as shareholders prepare a merger on Friday to bring the app’s parent company public. The development comes as Trump faces a $454 million civil fraud judgement in New York, with a deadline of Monday to post bond. According to one report, the much-needed social media windfall could secure Trump as much as $3.5 billion.
The vote to merge the Trump Media & Technology Group with the Digital World Acquisition Corp (DWAC) follows one month after securities regulators gave their approval. Digital World, a special purpose acquisition company, exists as a shell corporation, and would allow Trump’s Technology Group to go public without having to go through the initial public offering (IPO) process.
According to the Wall Street Journal, the former President would control 78.8 million shares of the newly merged corporation, giving him a 58 percent majority stake. Based on the current value of DWAC’s stock, the deal could net Trump as much as $3.5 billion.
While the merger comes at a critical moment for Trump and his campaign, the timeline may not work out in his favor as New York State seeks a $464 million bond in his ongoing civil fraud case. Trump faces a deadline of Monday to either post the bond or default on the judgment but will have to wait six months before selling any of his shares in DWAC.
Subscribe to the Florida Jolt Newsletter!
Former President Donald Trump’s social media platform Truth Social is preparing to go public at a current valuation of $6 billion. Trump himself would own about 60% of Truth Social were it to go public, which would ultimately net him a possible $3.5 billion via Fortune
— Wayne DuPree (@WayneDupreeShow) March 22, 2024
New York State law requires defendants in civil cases to post a bond valued at 110 percent of the final judgment, meaning that Trump now owes a $464 million appeal bond on a $454 million judgment. Trump’s legal team has failed to delay to bond beyond the Monday deadline, meaning state Attorney General Letitia James will likely begin seizing some of the former President’s New York properties next week–possibly including Trump National Golf Club in Westchester.
On Thursday, attorneys for the former President blasted the half-billion dollar bond as “completely illogical” and “the definition of an unconstitutional Excessive Fine.”
“[T]o require Defendants to sell properties at all, and especially in a ‘fire sale,’ to be able to appeal the lawless Supreme Court judgment, as that would cause harm that cannot be repaired once the Defendants do win, as is overwhelmingly likely, on appeal,” Trump attorney Clifford Robert said.
“In short, while attempting to cynically and wrongfully tar the Defendants’ witnesses as ‘unreliable,’ the Attorney General does not actually dispute the truth of a single one of their specific claims. This is unsurprising because these claims are undeniable to those with knowledge of real estate and sureties.”
Join your fellow patriots and subscribe to our YouTube Channel.
NEW: CNN says Trump’s Mar-A-Lago property is easily worth hundreds of millions of dollars which he could use to pay New York AG Letitia James.
Now that he may have to sell it, Mar-A-Lago is worth hundreds of millions but when they needed to “bust” Trump for “fraud,” the property… pic.twitter.com/FzvtAOLc4M
— Collin Rugg (@CollinRugg) March 22, 2024
Trump himself also slammed the judgment on Friday, writing on Truth Social that the $464 million bond is “simply a ‘taking.'”
“Much like what is done in communist countries, and will leave an irreparable stain on New York state and its judicial system. it is totally unconstitutional, including the harsh gag order imposed. the statute of limitations was already ruled on, for me!”
Trump and his team launched Truth Social in February 2022, following his bans from Twitter, YouTube, and Facebook the previous year.
Other stories you may want to read:
- Top Dems Say They Might Not Certify a Trump Victory - October 11, 2024
- Biden Praises DeSantis Again, Undercuts ‘Selfish’ Kamala - October 10, 2024
- Vance Rips Harris-Biden for Aiding Illegals Over Hurricane Victims - October 9, 2024