Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will begin trading on the Nasdaq stock market on Tuesday.
Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trumps media business in a Friday vote.
In midday trading, shares of Digital World soared nearly 22% to $45.10.
Former president Donald Trump is set to own most of the combined company or nearly 79 million shares. Multiply that by Digital Worlds closing stock price Friday of $36.94, and the total value of his stake could be nearly $3 billion.
Trump has promoted Truth Social on the platform itself on Friday he posted I love Truth Social.
Trump wont be able to cash out the deals windfall immediately, unless the companys board makes changes to a lock-up provision that prevents company insiders from selling newly issued shares for six months.
The common stock of Trump Media & Technology Group will trade under the ticker symbol DJT.
(AP)
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