Donald Trump might not be in such dire financial straits, after all.
There is “great financial news” for the former president in the aftermath of a highly dubious and politically motivated New York civil case that hammered the former president with $350 million in damages.
Judge Arthur Engoron ruled Friday that former President Donald Trump must pay the immense sum and barred Trump “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years.”
Despite continued efforts to sabotage his economic enterprises, Trump’s affiliation with the social media network Truth Social has the potential to take his financial fortunes to new levels.
Truth Social, a company with which Trump is deeply associated, faces considerable obstacles, but a new financial assessment suggests a promising future.
The platform was once valued at over $700 million in 2022 and has since dropped in value to less than $100 million.
But there is a ‘gamechanger’ on the horizon: The social media platform may go ‘public.’
If that happens, Trump’s stake in Truth Social may increase to an impressive $4 billion.
CNN reported on the ‘great financial news‘ for Donald Trump.
According to Axios, Truth Social received clearance from US authorities for a public offering in February 2024 via a merger with the special purpose acquisition business Digital World Acquisition Corp (DWAC). The clearance was a huge step forward for the agreement, which had encountered obstacles only the previous day.
DWAC said that the United States Securities and Exchange Commission has accepted its registration statement, paving the way for a shareholder vote. The news caused an almost 15% increase in shares, bringing DWAC’s market worth to over $1.86 billion.
However, there’s a snag. Earlier this week, DWAC expressed concerns about former CEO and current director Patrick Orlando’s desire for further salary. This might jeopardize the merger with Truth Social being completed on schedule and successfully.
Orlando, who owns 14.8% of DWAC’s stock and has major sway over its founder shares, may derail the merger if he chose to veto or demand amendments to the arrangement.
The prospective increase in Truth Social’s valuation, however, is a silver lining for Donald Trump in the wake of political targeting, which led to the punitive ruling in New York State.
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