Investors Approve Public Offering for Trump's Truth Social Platform

Digital World Acquisition Corp. (DWAC) shareholders approved a merger deal on Friday to merge with former President Donald Trump's media company, Truth Social. The merger will result in Trump owning a significant stake in the combined entity, estimated to be approximately 79 million shares or around $3 billion based on the current market value of DWAC, which is about $6 billion. This deal could potentially provide Trump with a substantial payout and help him mitigate financial consequences from ongoing legal cases against him. The investors' approval came after DWAC spent several years attempting to take Truth Social public through a "blank check" merger. The stock price of DWAC has surged by around 145% since the beginning of the year, contributing to the company's increased value.