The parent company of Truth Social, Trump Media & Technology Group (TMTG), is set go public on the stock market.
Shareholders made an affirmative decision on Friday to transform TMTG into a public-trading company.
TMTG is merging with the special purpose acquisition company (SPAC), Digital World Acquisition Corp. As a result of this merger, TMTG will go live on Nasdaq under the stock label “DJT,” possibly as soon as the coming week.
The merger allows the infusion of approximately $300 million into Truth Social. The platform prides itself as a haven of free speech and provides a sanctuary away from censorship pervasive on other large technology platforms.
Devin Nunes, the CEO of TMTG who joined the company in 2021, is lending his leadership after nearly two decades of political service in Congress. The merger of TMTG with the SPAC, Digital World Acquisition Corp has finally been undertaken after prolonged delays due to controversial investigations by the US Securities and Exchange Commission.
However, last month saw the SEC granting the merger approval.
TMTG initially embarked on its journey back in 2021, with Trump introducing Truth Social in February 2022, one year after his banishment from major social media platforms, including Twitter, Facebook, and Instagram.
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