Shareholders of the shell company that plans to acquire Donald Trump’s Truth Social have approved the takeover of the social media firm, which could mean a multi-billion dollar windfall for the former president as he tries to return to the White House.
Digital World Acquisition Corp (DWAC) is what’s known as a special purpose acquisition company, or SPAC. Since going public in 2021, its special purpose has remained the eventual acquisition of Truth Social, which got its start after Trump got kicked off other social media platforms following his posts surrounding the Jan. 6, 2021 attack on the Capitol. (Those sites have restored his access, though he still prefers to use his own.)
When the deal is complete, Trump would own about 60% of a post-SPAC Truth Social.
Based on DWAC’s $40 share price, his stake would be worth more than $3 billion as soon as next week, The New York Times reports. It’s not clear that investors are actually interested in the business of Truth Social itself, since the company is not doing well and needs the $300 million it will get from the SPAC merger. Still, DWAC’s shares have become a lot more valuable this year, especially after Florida Gov. Ron DeSantis, one of Trump’s top challengers for the 2024 Republican presidential nomination, dropped out of the race.