Dan Mangan is a reporter covering politics for CNBC.com.
Shareholders in Digital World Acquisition Corporation voted Friday to approve a merger with Donald Trump’s social media company, a deal that could net the former president an eventual windfall of $3 billion or more. The vote by DWAC shareholders comes about two-and-a-half years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns the Truth Social app platform.
Trump will be barred from selling shares in the merged company for at least six months. It is possible that the board of directors could vote to allow Trump to sell shares earlier than that. And that board could be stocked with people close to Trump, including his son Donald Trump Jr., former wrestling company executive Linda McMahon, and Trump’s former trade representative Robert Lighthizer, according to a list of planned nominees.
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