It seems that Donald Trump is struggling to come up with the $464 million (£365 million) required to settle a fraud fine. Could he be saved by the stock market?
After a majority of Digital World Acquisition Corp. shareholders decided on Friday to acquire the company, Trump Media—which operates the social media platform Truth Social—is about to go public.
Ignore the numerous warning signs around the transaction, such as pending legal actions from previous business associates. In addition, Digital World agreed to pay a $18 million settlement last year to allay allegations of fraud regarding the creation of the merger deal.
Following the clearance, shares of Digital World fell more than 13%, closing the day at $36.94.
Pronounced D-whack, Digital World, also known as DWAC, is a shell company established specifically to acquire another company and go public, also known as a SPAC.
The business will now be known as Trump Media & Technology Group, and as early as next week, it may begin trading on the Nasdaq stock exchange under the ticker DJT.
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