There is great financial news for Donald Trump.
Delaware Chancery Court Judge Sam Glasscock III has declined to block the March 22 shareholder vote on a merger involving Trump Media & Technology Group, which might result in a $4 billion gain for President Trump.
This court decision came despite protests from Trump Media co-founders Andy Litinsky and Wes Moss, who claim that the merger will reduce Trump’s 8.6% ownership in the firm. Litinsky and Moss were previous competitors on Trump’s TV show The Apprentice, and they eventually collaborated with him to build Trump Media.
Glasscock declined to schedule a hearing on the challenged merger before the March 22 vote. He stated on a Zoom call that if Trump agrees to place the extra shares in an escrow account during the dispute, “maybe the whole thing will go away.”
Officials at Digital World Acquisition Corp., the blank-check corporation that will handle the vote, have already agreed to put the disputed stock in escrow in response to a separate complaint brought by Patrick Orlando’s ARC Global Investments II, Bloomberg reported.
ARC opposed the suggested conversion rate for its founder’s interest, arguing for a larger share in the merged entity. Orlando, Digital World’s former CEO, filed the case.
Lori Will, the Chancery judge hearing the case, recently refused a plea to accelerate the proceedings, citing the escrow agreement.
The business development comes in the aftermath of an unprecedented New York civil case that hammered the former president with $350 million in damages.
Judge Arthur Engoron ruled in February that Donald Trump must pay the massive 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.”
Trump enterprise Truth Social faces considerable obstacles, but it has a promising future if it “goes public.” The platform was once valued at over $700 million in 2022 and has since dropped in value to less than $100 million.
If that happens, Trump’s stake in Truth Social may increase to an impressive $4 billion.
CNN earlier reported on the potential windfall for Donald Trump from the media merger.
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