Trump Media Merger Is Approved, Providing Fresh Source of Cash

Former President Donald Trump’s social media company on Friday completed a long-awaited merger with a cash-rich shell company, raising Trump’s wealth by billions and potentially providing him a fresh source of cash to pay his mounting legal bills.

In approving the merger, shareholders of Digital World Acquisition Corp. will become shareholders of Trump Media & Technology Group, which will trade on the stock market under the stock symbol DJT. The deal will pump more than $300 million into Trump Media, which has all but exhausted its available cash and will allow Truth Social, the company’s flagship digital media platform, to keep operating.

Based on Digital World’s stock price of $44 a share just before the vote announcement, Trump Media will debut with a market value of more than $5 billion. That means Trump’s personal stake will be worth more than $3 billion.

Shares of Trump Media could begin trading under the new stock symbol as soon as next week.

The deal’s approval comes as Trump is facing a Monday deadline to cover a $454 million penalty in a civil fraud case in New York. He is restricted for six months from selling any his shares or using them as collateral for a loan, although he could ask the board of the merged company to waive that rule for him.

Trump Media said in a statement before the vote that “the merger will enable Truth Social to enhance and expand our platform.”

This article originally appeared in The New York Times .