Wall Street debut of Trump’s Truth Social network could net him stock worth billions on paper

The Truth Social account for former President Donald Trump is seen on a mobile device, Wednesday, March 20, 2024, in New York. Trump’s Truth Social looks set to hit Wall Street in a move that could give him stock worth billions of dollars on paper. But the former president likely can’t cash it out right away, unless some things change. NEW YORK — The Wall Street debut of Donald Trump’s Truth Social network could give him stock worth billions of dollars on paper.

SPACs raise cash and then hunt for companies to merge with. Such deals give the target companies a potentially quicker and easier way to get their stocks onto the New York Stock Exchange or Nasdaq. The arrangement lets them avoid some of the paperwork associated with traditional initial public offerings of stock, or IPOs.

Trump’s company hopes to trade under the ticker symbol DJT, the former president’s initials. The same ticker symbol was used by Trump Hotels & Casino Resorts before it filed for Chapter 11 bankruptcy protection in 2004.Trump will own most of the new, combined company, or nearly 78.8 million shares, which would account for at least 58%. Multiply that by Digital World’s current stock price of more than $40, and the total value could surpass $3 billion.

Such a decision by the board could open those directors up to legal scrutiny. They would need to show they’re doing it to benefit shareholders. Also on the board would be Robert Lighthizer, who served as Trump’s U.S. trade representative, and Linda McMahon, who ran the Small Business Administration under Trump.Every stock has risks. Digital World has filed 84 pages with U.S. regulators to list many of its risks and those of TMTG.

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Wall Street debut of Truth Social network could make Trump billionsThe Wall Street debut of Donald Trump’s Truth Social network could give him stock worth billions of dollars on paper. But the former president probably will not be able to cash it out right away, unless some things change. It all comes down to a vote scheduled for Friday by shareholders for a company named Digital World Acquisition Corp.
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