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In the midst of legal troubles, former President Donald Trump just got some amazing news.
Shareholders of Digital World Acquisition Corp. (DWAC) has officially voted to extend the window for a merger with Trump Media & Technology Group, putting Trump one step closer to taking his company public.
This major victory for President Trump not only stands to benefit him lucratively if the company goes public but also provides extended relief from running out of funding should another deep-pocketed suitor not be found in time.
Truth Social, the social media network blessed and used exclusively by former President Donald Trump, is on its way toward becoming a publicly traded company thanks to DWAC’s vote.
With 55 percent voting power in his own company and near complete ownership, President Trump has much to gain from this endeavor.
Upon completion of the deal he will have access hundreds of millions of dollars that could potentially help launch or expand Truth Social into a more competitive platform against other established social media companies like X, which rebranded from Twitter under new owner Elon Musk.
Despite this recent victory for President Trump’s media empire, a few obstacles still remain before finalization can be achieved.
As part of the original deal stipulated between Truth Social and DWAC was an agreement that “ownership and position in the Company shall be structured in such a way as to eliminate the need for restructuring of ownership or changes in position were a Material Disruptive Event (MDE) to occur.”
In this case MDE includes any felony conviction after closing; thus leaving it up to if Mr. Trump will lose one or all four criminal indictments pending against him as well as whether or not DWAC needs further approval from regulators associated with its recent $18 million settlement with Securities Exchange Commission allegations regarding misleading investors and lack thereof timely filing quarterly reports.
