• Mon. May 27th, 2024

Donald Trump Takes Truth Social Network Public, Joins Top 500 Wealthiest Individuals in the World

Byeditor

Mar 26, 2024

Former US President Donald Trump, currently embroiled in legal battles and aiming for a return to the presidency, has taken his social network Truth public on the stock exchange. Rather than an initial public offering, the company managing the social network merged with a SPAC company, a legal shell created for such mergers. Following the deal, Trump now owns around 60% of Digital World Acquisition Corp., which saw its value reach $5.5 billion after its first day of trading. This boosted Trump’s personal wealth to $8.5 billion, ranking him 420th among the world’s richest people according to Bloomberg. Trump is restricted from selling his shares for the first six months but can use them as collateral for loans.

The move to take Truth public has generated a significant amount of interest and speculation. As Trump navigates his legal battles and continues his political ambitions, the success of Truth on the stock exchange could have far-reaching implications. Additionally, Trump’s newfound wealth and ranking among the world’s richest individuals may further fuel his aspirations.

This latest development comes at a critical time for Trump, as he seeks to solidify his presence in both the political and business spheres. With his social network now publicly traded and his personal wealth significantly increased, Trump’s influence and impact on the world stage may continue to grow. The merger of Truth with Digital World Acquisition Corp. marks a new chapter in Trump’s post-presidential endeavors, with potential implications for his future endeavors and legacy.

By editor

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