WYATTE GRANTHAM-PHILIPS
Donald Trump is returning to the stock market, and the former president stands to reap a sizeable payout in the process.
Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with Trump’s media business in a Friday vote. That means Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will soon begin trading on the Nasdaq stock market.
Trump is set to own most of the combined company — or nearly 79 million shares. Multiply that by Digital World’s closing stock price Friday of $36.94, and the total value of his stake could be nearly $3 billion.
The greenlight arrives at a time the presumptive Republican presidential nominee is facing his most costly legal battle to date: a $454 million judgment in a fraud lawsuit.
But Trump won’t be able to cash out the deal’s windfall
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