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Shareholders in Digital World Acquisition Corp. voted Friday to approve a merger with Donald Trump’s social media company, a deal that could net the former president an eventual windfall of $3 ...
DWAC shares were trading for just over $49.50 on Friday morning, putting the value of that stake at roughly $4 billion. (Lock-up rules would prevent him from accessing any of that money until six ...
Digital World Acquisition Corp, the blank-check acquisition company that has agreed to take former U.S. President Donald Trump's social media platform public, is nearing a $50 million financing ...
Digital World Acquisition Corp. (DWAC), founded in 2021, was an American special-purpose acquisition company (SPAC), a shell corporation listed on a stock exchange with the purpose of acquiring (or merging with) a private company, thus making the private company public without going through the initial public offering process, which often carries significant procedural and regulatory burdens.
In October 2021, Trump announced that he had created TMTG through a SPAC merger with DWAC that they had entered into a merger agreement to make TMTG a publicly traded company and that they would create a social media company to rival Twitter. [8] [17] DWAC proceeded to raise hundreds of millions of dollars; reporters questioned the ethics and ...
The former president founded Truth Social after he was kicked off major social media apps like Facebook and Twitter, the platform now known as X, following the Jan. 6 Capitol riots in 2021. Trump ...
Following Musk's comments on Twitter, the Truth Social app rose in popularity, returning to the number 1 position for free iOS apps on Apple's App Store on April 30, with the Twitter app at number 2; DWAC shares also rose in value. [145] [146] DWAC's share price fell after Musk's announcement of his intention to buy Twitter. [147]
The SEC had said DWAC was found to have violated antifraud provisions of federal securities laws. The company had agreed to a cease-and-desist order and to pay an $18 million penalty if it closes ...