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Trump Media & Technology Group (TMTG) and Digital World Acquisition Corp. (DWAC) appear to be poised to merge at last, as a March 22 shareholder meeting is scheduled that will likely result in the approval of the anticipated partnership.
According to The New York Times, a final hurdle that was blocking the merger was a lawsuit from a company linked to two of TMTG’s “early founders,” Wes Moss and Andy Litinsky, who formerly appeared as contestants on President Trump’s show, “The Apprentice.”
Per the NYT:
“They claim in their lawsuit that Trump Media has a plan to severely dilute their equity stake in the company they control, United Atlantic Venture, by issuing more shares. But a lawyer for Trump Media said during the hearing that the company has no such intention.”
However, a Delaware Court judge was able to mediate an agreement for now, which would allow the March 22, 2024, shareholder vote date to take place.
An email from DWAC CEO Eric Swider last week confirmed the voting date, noting the following: “This meeting is being convened for a pivotal purpose – to seek your approval for a proposed merger in which Digital World Acquisition Corp. will become Trump Media & Technology Group Corp, as well as solicit approval for additional proposals to facilitate the Merger.”
As previously reported by RSBN, President Trump stands to make a reported profit of billions on the heels of the merger. NYT reiterated this projection in their article, estimating that Trump’s stake in the company would result in a net worth increase of more than $3 billion.
Once the merger is complete, it is expected that the long-awaited cash funds will be utilized to continue Truth Social’s growth – Trump’s free speech social media platform that launched in 2022.