Trump to Become Majority Stakeholder for Truth Social as SEC Clears the Way for the Social Media Platform's Wall Street Debut
Former President Donald Trump's Truth Social is set to go public on Wall Street after the SEC approved the registration for its merger with Digital World Acquisition Corp. If completed, the merger could inject $300 million into Trump Media & Technology Group, the parent company of Truth Social. Donald Trump would become the largest shareholder in the combined company with more than 78 million shares, equating to around 69% of outstanding stock. Truth Social has so far generated $1.1 million in revenue in the third quarter of 2023 but recorded a net loss of over $26 million.
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00:00 It's Benzinga and here's what's on the block. Former President Donald Trump's Truth Social
00:04 is set to go public on Wall Street after the SEC approved the registration for its merger
00:08 with Digital World Acquisition Corp. If completed, the merger could inject $300 million into Trump
00:12 Media and Technology Group, the parent company of Truth Social. Donald Trump would become the
00:16 largest shareholder in the combined company with more than 78 million shares, equating to around
00:20 69% of outstanding stock. Truth Social has so far generated $1.1 million in revenue in the
00:25 third quarter of 2023, but recorded a net loss of over $26 million. Entering the public markets
00:30 would open Trump Media up to greater scrutiny, but also more funding opportunities. For all
00:34 things money, visit Benzinga.com.