Truth Social parent company Trump Media & Technology Group to become publicly traded company
TMTG stock will trade as 'DJT' on Nasdaq
Trump speaks to his supporters in a late night video address on Truth Social
In a post on Truth Social, former President Donald Trump addressed the ongoing litigation he faces in New York surrounding hush money his former lawyer paid to Stormy Daniels in 2016. (Truth Social/@realDonaldTrump)
Shareholders on Friday voted to make Trump Media & Technology Group, the parent company of Truth Social, a publicly traded entity, Fox News Digital has learned.
Shareholders voted in favor of Trump Media & Technology Group (TMTG) merging with its special purpose acquisition company (SPAC) Digital World Acquisition Corp., a publicly traded shell company.
TRUTH SOCIAL ON VERGE OF STOCK MARKET APPROVAL, POTENTIALLY NETTING TRUMP BILLIONS
The merger approval means TMTG stock will trade on Nasdaq as "DJT" as early as next week.
Former President Trump, the presumptive 2024 GOP presidential nominee, holds 78.7 million shares in Trump Media & Technology Group. His personal stake in the company at its current stock price of approximately $44.17 would be worth between $3 billion and $4 billion.
There is a six-month lock-up on Trump's shares, but the board could vote to waive that rule.
Former President Donald Trump salutes at a campaign rally in Vandalia, Ohio, on March 16. (AP/Jeff Dean / Associated Press)
The merger brings Truth Social, which describes itself as a free-speech platform and a "safe harbor" from censorship on other Big Tech platforms, approximately $300 million to expand the platform.
Trump Media & Technology Group would trade as 'DJT' on Nasdaq if made public. (James Devaney/GC Images | App store / Getty Images)
FLASHBACK: TRUMP JOINS TRUTH SOCIAL: 'I'M BACK! #COVFEFE'
TMTG's CEO is Devin Nunes, who joined the company in December 2021 after retiring from nearly two decades in Congress.
"We set out to create a safe haven for free speech on the internet, which is needed now more than ever," Nunes told Fox News Digital on Friday afternoon. "And we believe the merger will allow us to expand this movement even further."
He added: "If you want to sound off outside the control of Big Tech censors and suppressors, Truth Social is the place for you."
Rep. Devin Nunes, a Republican from California, speaks during the Conservative Political Action Conference in Dallas on July 11, 2021. (Dylan Hollingsworth/Bloomberg via Getty Images / Getty Images)
Trump Media & Technology Group (TMTG) merged with its SPAC, Digital World Acquisition Corp. after years of delay amid U.S. Securities and Exchange Commission investigations looking into alleged pre-targeting by DWAC. Pre-targeting refers to a SPAC discussing a potential merger with a merger target before they are allowed to hold those discussions.
TRUMP 'TRUTH SOCIAL' DEVELOPING CONTENT MODERATION PRACTICES TO ENSURE 'FAMILY-FRIENDLY' COMMUNITY
Last month, though, the SEC approved the merger.
Trump Media & Technology Group first launched in October 2021.
Trump launched Truth Social in February 2022, a year after he was banned from platforms such as then-Twitter, now-X; Facebook; and Instagram, following Jan. 6, 2021. Those bans have been lifted.
CLICK HERE TO GET THE FOX NEWS APP
The Truth Social platform has millions of users, including President Biden's re-election campaign.