"Shareholders in Digital World Acquisition Corporation voted Friday to approve a merger with Donald Trump's social media company, a deal that could net the former president an eventual windfall of $3 billion or more.
The vote by DWAC shareholders comes about two-and-a-half years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns the Truth Social app platform."
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That potential windfall for Trump, while massive, could not be immediately realized, at least not under the deal's current terms. Trump will be barred from selling shares in the merged company for at least six months.
It is possible that the board of directors could vote to allow Trump to sell shares earlier than that. And that board could be stocked with people close to Trump, including his son Donald Trump Jr., former wrestling company executive Linda McMahon, and Trump's former trade representative Robert Lighthizer, according to a list of planned nominees.
If the board signed off on lifting the share lock-up period, that could quickly free up a large source of cash for Trump, who is the presumptive Republican presidential nominee this year."
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"Trump's lawyers in a court filing said he did not have enough cash to offer as collateral to bond companies for a bond that would secure the judgment and prevent James from collecting.
But in a Truth Social post on Friday, Trump claims that "I currently have almost five hundred million in cash."
www.cnbc.com
The original investments for this shell company came from China, Russia, and the Saudis... which for some reason isn't being reported in the press.