Edited & Reviewed by: Taranjit Singh
Former President Donald Trump has recently increased his stake in his media company, Trump Media & Technology Group (TMTG), to nearly 65%. This move comes as the company prepares to launch its social media platform, Truth Social, in the coming weeks.
According to a filing with the Securities and Exchange Commission (SEC) on February 22, 2023, Trump now owns 64.6% of the company's Class A common stock. This is a significant increase from his previous stake of 58.9% in December 2022.The boost in Trump's stake in TMTG comes as the company is gearing up to launch its social media platform, Truth Social, which aims to rival Twitter and other social media giants. The platform is expected to launch in the first quarter of 2023, and it has already gained significant attention from Trump supporters and conservative media outlets.
Trump's increased stake in TMTG reflects his strong dedication to the company and its goals. The former president has been a vocal critic of mainstream media outlets and social media platforms, accusing them of censoring conservative voices. With Truth Social, Trump aims to provide a platform for free speech and open dialogue.
The launch of Truth Social is also expected to boost TMTG's valuation, which is currently estimated to be around $1.7 billion. The company's stock has been trading on the NASDAQ under the ticker symbol "TMTG" since October 2022, and it has seen significant volatility in its share price.
Trump's increased stake in TMTG is not the only news surrounding the company. In January 2023, TMTG announced that it had entered into a merger agreement with Digital World Acquisition Corp (DWAC), a special purpose acquisition company (SPAC). The merger is expected to provide TMTG with additional funding and resources to support its growth and expansion.
The merger with DWAC is also expected to provide TMTG with access to the public markets, which will allow the company to raise additional capital and increase its valuation. The merger is expected to close in the second quarter of 2023, subject to regulatory approval and other closing conditions.
In conclusion, Trump's increased stake in TMTG is a significant development for the company and its mission. With the launch of Truth Social and the merger with DWAC, TMTG is poised for growth and expansion in the coming months. As the company continues to gain attention and support from conservative media outlets and Trump supporters, it will be interesting to see how it fares in the highly competitive social media landscape.
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