Gage Skidmore from Peoria, AZ, United States of America, CC BY-SA 2.0, via Wikimedia Commons, Cropped by Resist the Mainstream

Shareholders voted on Friday in favor of transforming Trump Media & Technology Group (TMTG), the company behind Truth Social, into a publicly traded company, positioning the company's namesake to make around $3 billion from the deal.

This decision follows the agreement for TMTG to merge with Digital World Acquisition Corp., a publicly traded shell company, enabling TMTG stocks to potentially be listed on the Nasdaq under the ticker “DJT” as soon as the next week.

This merger signifies a significant development for former President Donald Trump, who is also the presumptive Republican nominee for the 2024 presidential election, as he holds 78.7 million shares of TMTG. With the current stock price standing at approximately $44.17, Trump's shares are estimated to be valued between $3 billion and $4 billion.

The merger not only symbolizes a financial milestone for Trump but also marks a pivotal moment for Truth Social. Described as a platform championing free speech and serving as a “safe harbor” from Big Tech censorship, Truth Social stands to gain approximately $300 million to further its expansion. Devin Nunes, a former congressman who has served nearly two decades in Congress, leads TMTG as CEO, having joined the company in December 2021.

This significant step towards becoming a publicly traded entity comes after delays caused by investigations from the U.S. Securities and Exchange Commission into Digital World Acquisition Corp.'s pre-targeting activities. These activities involve discussions of a potential merger with a target before legally permitted to do so. However, the SEC gave its approval for the merger last month, clearing the path for this transition.

Despite the financial windfall due to benefit the former President, the merger may come too late to help Trump in his ongoing and costly controversies. The merger entails a 6 month waiting period before Trump is permitted to use his assets in the company as collateral, which he has requested the board to waive in light of his urgent and costly legal battles.

The establishment of Trump Media & Technology Group in October 2021 and the subsequent launch of Truth Social in February 2022 were direct responses to Trump's bans from major platforms such as Twitter (now X), Facebook, and Instagram following the events of January 6, 2021. These bans have since been lifted, allowing Trump and Truth Social to cultivate a platform that boasts millions of users, including President Joe Biden's re-election campaign