The Securities and Exchange Commission (SEC) granted approval for a merger between Digital World Acquisition Corp. (DWAC) and former President Trump’s media startup, paving the way for Truth Social’s stock market debut. This news comes after delays in the merging process, which had faced regulatory hurdles.
Trump could potentially earn $3.5 billion from the deal, based on the nearly 79 million shares he would hold in the newly combined company. However, this financial gain may not be enough to secure a $464 million bond in his New York civil fraud lawsuit. Trump’s legal team acknowledged this week that securing the entire appeal bond was unattainable due to a lack of available funds.
Failing to secure the half-billion-dollar bond by Monday could result in potential seizure of Trump’s assets, including his golf resort and private estate, Seven Springs. The New York attorney general’s office has initiated steps towards seizing these properties by filing judgments in Westchester County. This legal action is only the initial phase in reclaiming any properties owned by Trump in counties where judgements have been entered, including New York City.
Despite this significant financial gain on the horizon, Trump will not be able to immediately access it due to a provision preventing insiders from selling new shares for six months. This development highlights Trump’s complex financial situation amid ongoing legal challenges and business endeavors.
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