March 26, 2024

Shares in Digital World Acquisition (DWAC) jumps more than 35% after the conclusion of its merger agreement with the Trump Media & Technology Group (TMTG), the parent company of Truth Social and backed by the ex-President Donald Trump. The successful merger, sanctioned by Digital World’s investors last Friday, brings a major financial uplift for Trump amid ongoing legal challenges and possible candidature for the 2024 presidential contest.

The stock’s surge aids in bouncing back from the 13.7% dip experienced on Friday and anticipates a start on Nasdaq trading under the symbols “DJT” and “DJTWW” come this Tuesday. This deal funnels $300 million to Truth Social, which incurred a $10.6 million operating deficit on a $3.4 million revenue during the first three quarters of 2023. Following the merger, Trump is positioned to own between 58.1% and 69.4% of the consolidated company, bringing Trump’s share value to an estimated $3.3 billion post-approval of the transaction.