He is seeking a merger of his media business with a publicly traded shell company to trade on the Nasdaq. He needs the payout to bring down his legal bills.
All eyes are on a vote scheduled for Friday by shareholders of Digital World Acquisition, a publicly traded shell company that is looking to merge with the former president’s media business.The deal’s approval would open the door for Trump Media & Technology Group, whose flagship product is the social networking site Truth Social, to soon begin trading on the Nasdaq in Digital World’s place.
The New York attorney-general has said she’s prepared to start seizing Mr Trump’s assets if he misses Monday’s deadline. Mr Trump’s earlier foray into the sharemarket didn’t end well. Trump Hotels and Casino Resorts went public in 1995 under the symbol DJT – the same symbol Trump Media will trade under. By 2004, his casino company had filed for bankruptcy protection and was delisted from the New York Stock Exchange.Digital World listed many of the risks its investors face, as well as those of the Truth Social owner, if Trump Media also goes public.
Trump Media lost $US49 million in the first nine months of last year, when it brought in just $US3.4 million in revenue and had to pay $US37.7 million in interest expenses.
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