Trump's Truth Social lands huge merger, but can it help his money woes?

Washington DC - Donald Trump recently scored a much-needed win after his Truth Social platform scored a huge merger, raising his net worth by billions of dollars.

On Friday, the parent company for Donald Trump's Truth Social merged with a shell company, instantly doubling his net worth by $3 billion.
On Friday, the parent company for Donald Trump's Truth Social merged with a shell company, instantly doubling his net worth by $3 billion.  © SAUL LOEB / AFP

According to The New York Times, the shell company Digital World Acquisition Corporation became a shareholder of Trump Media & Technology Group, the platform's parent company, on Friday.

The merger will allow Truth Social to begin trading on the stock market as early as next Monday under the stock symbol DJT, and the move has Trump's wealth by nearly $3 billion – doubling his current estimated net worth.

Back in February, Digital World announced that the SEC had green-lit the merger with Trump Media, and they only needed shareholder approval to move forward.

Trump hush money trial heads toward final act as court preps for closing arguments
Donald Trump Trump hush money trial heads toward final act as court preps for closing arguments

The good news for Trump comes as he faces a number of legal issues while he runs for re-election.

Donald Trump has amassed a staggering amount of legal debt amid multiple criminal and civil trials.
Donald Trump has amassed a staggering amount of legal debt amid multiple criminal and civil trials.  © KAMIL KRZACZYNSKI / AFP

This year alone, he has amassed a massive amount of legal debt, including the $454 million judgment from his civil fraud trial in New York and the nearly $90 million he owes to writer E. Jean Carroll after losing two defamation lawsuits.

Unfortunately, the former president will only be able to cash out on his shares six months from the day the merger officially goes public.

Trump can request permission to sell early, but shareholders would need to approve it.

Nonetheless, Trump supporters are enthusiastically celebrating the merger, as they believe it could mean the end to his financial woes.

Cover photo: SAUL LOEB / AFP

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