403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Shareholders accept DWAC merger with Trump's “Truth” amid multibillion-dollar profit speculation
(MENAFN) In a significant development, shareholders of Digital World Acquisition Corp (DWAC), commonly known as DWAC, have given their nod for the merger with Truth, a social media company owned by former US President Donald Trump's organization. This decision, reached after a vote held last Friday, has sparked anticipation regarding Trump's potential earnings, estimated to be around USD3 billion or more following the merger.
The approval of the merger comes approximately two and a half years after the targeted acquisition company initially announced its intent to acquire Trump Media and Technology Group, the parent company of the Truth Social application platform. CNBC reports that the merged entity, Trump Media, is poised to commence trading next week, with its shares listed under the symbol "DJT," representing the initials of Trump's name.
Following the shareholder vote at DWAC, the company's share price experienced a notable decline of up to 14 percent. However, it managed to recoup a significant portion of these losses later on. It is worth noting that approximately 11 percent of DWAC shares are sold short, indicating speculation on a potential decrease in the stock price.
Based on the opening share price of DWAC last Friday, it is projected that the value of Trump's shares in the merged company will amount to roughly USD3 billion or more. However, the precise opening share price of the combined entity remains uncertain as trading commences post-merger.
The DWAC merger with Trump-owned Truth Social represents a pivotal moment in the realm of social media and business, with significant financial implications for all stakeholders involved. As the trading debut of the merged company approaches, market observers eagerly await further developments and the unveiling of Trump's potential windfall from the deal.
The approval of the merger comes approximately two and a half years after the targeted acquisition company initially announced its intent to acquire Trump Media and Technology Group, the parent company of the Truth Social application platform. CNBC reports that the merged entity, Trump Media, is poised to commence trading next week, with its shares listed under the symbol "DJT," representing the initials of Trump's name.
Following the shareholder vote at DWAC, the company's share price experienced a notable decline of up to 14 percent. However, it managed to recoup a significant portion of these losses later on. It is worth noting that approximately 11 percent of DWAC shares are sold short, indicating speculation on a potential decrease in the stock price.
Based on the opening share price of DWAC last Friday, it is projected that the value of Trump's shares in the merged company will amount to roughly USD3 billion or more. However, the precise opening share price of the combined entity remains uncertain as trading commences post-merger.
The DWAC merger with Trump-owned Truth Social represents a pivotal moment in the realm of social media and business, with significant financial implications for all stakeholders involved. As the trading debut of the merged company approaches, market observers eagerly await further developments and the unveiling of Trump's potential windfall from the deal.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment