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Truth Social Goes Public, Trump Poised for Billion-Dollar Windfall

Investors vote to take Donald Trump's Truth Social public, potentially netting the former president around $3 billion despite the platform's financial losses.

An aerial view of the Trump National Golf Club is seen on March 22, 2024 in Briarcliff Manor, New York.
Former President Donald Trump speaks to supporters during a rally at the Dayton International Airport on March 16, 2024, in Vandalia, Ohio.
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Overview

  • Truth Social, Donald Trump's social media platform, voted to go public with a valuation potentially netting Trump $3 billion.
  • Despite collecting only $3.4 million in revenue and incurring $49 million in losses in the first nine months of 2023, Truth Social's valuation soars.
  • The merger with Digital World Acquisition Corp (DWAC) faces scrutiny over pre-arranged acquisition deals, settling an SEC case for $18 million.
  • Investors show support for Trump, drawing comparisons to meme stock phenomena, despite the financial performance of Truth Social.
  • Trump's potential use of the public company's proceeds to cover a $500-million court judgment remains uncertain due to a six-month share lockup period.