Former U.S. President Donald Trump moved one step closer to a big windfall from his social media company on Friday after investors in a blank-check acquisition company approved a tie-up now worth about $6 billion .
The deal values Trump’s majority stake in the company that owns his app, Truth Social, at about $3.6 billion. The windfall could be crucial as Trump grapples with the financial fallout from a series of legal cases against him, including a $454 million verdict in a New York civil fraud case.
Shareholders of Digital World Acquisition Corp (DWAC), the SPAC planning to list Trump Media & Technology Group on the stock market through a merger, voted on Friday in favor of the deal.
While the next step is for the deal to close next week, its future is uncertain. Former Digital World CEO Patrick Orlando and former Trump business partners Andy Litinsky and Wes Moss filed separate lawsuits seeking to block the merger, saying They are entitled to receive more shares for their previous work on the deal.
It’s unclear how and when the cases will be resolved. Even if the deal closes next week, under the terms he previously agreed to, Trump will not be able to sell any of his shares in the combined company for six months or borrow against them.
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