Shareholders have voted in favor of making Trump Media & Technology Group (TMTG), the parent company of Truth Social, a publicly traded entity. The merger with Digital World Acquisition Corp., a publicly traded shell company, means that TMTG stock will soon trade on Nasdaq as “DJT”. Former President Donald Trump, who holds a significant stake in the company, stands to potentially earn billions of dollars from this move.
The approval of the merger is a significant milestone for Truth Social, which prides itself as a platform that champions free speech and provides a safe harbor from censorship on other Big Tech platforms. The company will receive approximately $300 million to expand its platform and continue its mission to offer users an alternative to the perceived bias and censorship prevalent on other social media platforms.
TMTG’s CEO, Devin Nunes, brings years of experience in Congress to the table. Nunes joined the company in December 2021 after retiring from a long and distinguished career in public service. As a prominent Republican figure, Nunes is expected to play a crucial role in guiding the company forward.
The merger between TMTG and Digital World Acquisition Corp. has been years in the making, with the process delayed by investigations from the U.S. Securities and Exchange Commission (SEC) into alleged pre-targeting. However, last month, the SEC finally approved the merger, clearing the way for TMTG to move forward with its plans.
Trump Media & Technology Group first launched in October 2021, following former President Trump’s ban from various social media platforms. Trump’s ban, which was a result of his alleged role in the events of January 6, 2021, prompted him to create Truth Social as an alternative platform for conservative voices.
Since its launch, Truth Social has gained millions of users, including President Joe Biden’s re-election campaign. The platform has become a popular destination for those seeking an alternative to the perceived bias and censorship prevalent on other social media platforms.
The approval of the merger and the subsequent trading of TMTG stock on Nasdaq represents a significant milestone for Trump Media & Technology Group and Truth Social. It provides a platform for conservative voices and offers an alternative to the dominance of Big Tech companies in the social media landscape. As the company moves forward, it will be interesting to see how it continues to grow and shape the conversation surrounding free speech and online censorship.
