Former US president Donald Trump is set to get a financial injection as a blank-check company approved Friday a merger setting a windfall of billions of dollars as his financial front continues to struggle with a cash crunch and legal expenses.
A major chunk of Donald Trump’s campaign finances are servicing his legal woes according to filings submitted by the group Save America to the Federal Election Commission.
The group — which Trump formed to defeat Joe Biden in 2020 — reported that more than $5.5 million have been given in his legal fees last month. The cumulative expense since the start of 2023 stands at over $55 million.
On Friday, investors gave their assent to the business mogul’s Trump Media & Technology Group — which owns Truth Social — to go public after years of obstacles.
The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. — Reuters
The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. — Reuters
After the merger with Digital World Acquisition Corp., the 77-year-old is set to have $3.5 billion with nearly 79 million shares in the company.
According to the media reports, the company would be called Trump Media & Technology Group and will trade under the ticker DJT, the former president’s initials.
Trump’s social media platform Truth Social will be owned by the company. The current deal is likely to ease Trump’s cash-crunch problem as he is struggling to submit a bond worth over $450 million of a civil fraud case.—Agencies
