Donald Trump's social media company Truth Social completed a merger Friday morning that could net the former president more than $3 billion.
Shareholders of special purpose acquisition company Digital World Acquisition Corporation approve merger with Trump Media & Technology Group owns Truth Social.
The company could begin trading as a publicly traded company on the Nasdaq as early as next week under the stock symbol DJT.
DWAC stock is currently valued at approximately $40 per share.
Trump owns 58.1% of the company's common stock, and the former president stands to gain more than $3 billion from the deal, depending on the final trading of the stock. Experts say this is an impressive valuation for a social media company that ranks below major competitors such as Facebook, X and TikTok.
But the deal now includes a lockout clause that prevents Trump from immediately selling his stock holdings or taking out loans under it, and is currently facing a $464 million civil fraud judgment. Trump's ability to use windfall funds as collateral for his bonds could be limited.
In February, a New York judge found the former president and his adult sons liable for “using numerous funds” and awarded Trump $464 million in disgorgement and prejudgment interest. Following the order, President Trump faces a Monday deadline to secure financial guarantees to cover the judgment. Fraud and misrepresentation to inflate his net worth in order to obtain more favorable loan terms.
Trump has denied all wrongdoing and has appealed the ruling in the case.
Trump media representative and Technology Group did not immediately respond to ABC News' request for comment.
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