Trump’s Truth Social Merges with Publicly Traded DWAC

Shareholders of the Digital World Acquisition Corporation (DWAC) have approved a merger with Truth Social, former President Donald Trump’s social media app. This move could potentially increase Trump’s net worth by $3 billion. As a result of the merger, shareholders of publicly traded DWAC will become shareholders of the Trump Media & Technology Group (TMTG), the parent company behind Truth Social. DWAC’s stock fell by as much as 12 percent after the announcement. The company behind Truth Social has been losing money since the platform launched in 2022, with losses amounting to $49 million during the first nine months of 2023.

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