Truth Social Is Going Public, Boosting Trump’s Wealth by $3 Billion

  • Donald Trump is set to reap billions from his stake in Truth Social.
  • After significant delays, a blank-check company approved a merger with Truth Social’s parent company.
  • As soon as Monday, the company will be relisted to allow public trading using Trump’s initials.

Former President Donald Trump’s Truth Social is set to become part of a publicly traded company after a long-delayed merger was finally approved.

On Friday, a shell company created solely to buy Truth Social’s parent company, Trump Media & Technology Group, approved the merger, according to The New York Times.

Trump’s net worth will jump more than $3 billion from the deal, based on his large stake in the social media platform he helped create in the wake of his post-January 6, 2021 Capitol riot bans on mainstream platforms.

But Trump won’t be able to sell his shares for at least six months unless the company’s board waives a previous lockup agreement. There are also ongoing lawsuits between shareholders that could complicate the company’s future.

If Trump wants to access his money sooner, he’ll need the company’s new board to sign off. That may not be a problem, as The Washington Post pointed out, the board will be stacked with Trump’s allies. Former Congressman Devin Nunes, who was already CEO of Truth Social’s parent company, is slated to be CEO of the combined companies. Donald Trump Jr., Trump’s eldest son, will also be on the board. Former Trump Cabinet officials Robert Lighthizer, who served as Trump’s US Trade Representative, and Linda McMahon, who served as Small Business Administrator.

As soon as Monday, the new company could be relisted on the Nasdaq under the symbol “DJT,” the former president’s initials.

The windfall comes at a critical time for Trump. The former president faces mounting costs from his legal fees and fallout from other cases. By Monday, the former president must post an appeal bond covering the more than $456 million he owes New York state from a civil fraud judgement that Trump wants to continue to fight.

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