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Digital World Acquisition

All articles tagged with #digital world acquisition

business-politics1 year ago

"Trump's Net Worth Soars to $6.4 Billion, Enters Top 500 Richest People Worldwide"

Donald Trump's net worth has surged to $6.4 billion after Digital World Acquisition shareholders voted to merge with his Truth Social platform, making him one of the world's 500 richest people. Despite facing a $175 million court judgment, Trump claims to have nearly $500 million in cash and has 10 days to come up with the amount. The surge in his net worth is attributed to the stock price of the merged company, which will be publicly traded on the NASDAQ. However, restrictions may prevent him from using his stake to pay the judgment, and Forbes estimates his net worth at $2.6 billion.

via Daily Mail|
#business-politics#court-judgments#digital-world-acquisition
businessfinance1 year ago

"Trump's Truth Social Goes Public, Potential $3 Billion Windfall"

Investors have approved the public launch of Donald Trump's social media platform, Truth Social, through a merger with Digital World Acquisition, potentially netting the former president a paper fortune of $3 billion. Despite Truth Social's lackluster performance, Digital World's stock has rallied, boosting the firm's value to about $6 billion. Trump's holding in the combined business is listed at 79 million shares, leaving him with a stake of about $3 billion on paper. However, he will not be able to cash in this stake immediately. The stock's rise is attributed to its status as a meme stock and a betting tool on the probability of Trump winning the election.

via The Guardian US|
#businessfinance#digital-world-acquisition#donald-trump
business1 year ago

"Legal Challenges Loom as Trump Media Merger Nears Crucial Vote"

Trump Media & Technology Group and Digital World Acquisition face legal warfare and internal rebellion as they approach a shareholder vote on their long-delayed merger, threatening Trump's potential financial lifeline and ownership stake. Lawsuits filed in three states question the distribution of Trump Media's shares and could impact Trump's equity, while Digital World seeks urgent relief to avert harm from a potential failed merger. The turmoil surrounding the deal, including allegations of deception and impropriety, has led to a significant drop in Digital World's stock price, with potential implications for Trump's financial penalties and future liquidity.

via The Washington Post|
#business#digital-world-acquisition#financial-turmoil
business1 year ago

"Trump-Backed Media Merger Receives SEC Approval, Driving DWAC Shares Higher"

The Securities and Exchange Commission has approved the merger of Donald Trump's media start-up with a special purpose acquisition company, allowing the owner of Truth Social to become a publicly traded company and unlock $300 million in investor funds. Trump stands to hold over 78 million shares in the post-merger company, potentially worth nearly $4 billion, with a lockup period preventing share sales for six months. The merger faces scrutiny from public markets and potential resistance from co-founders, while also raising conflict-of-interest concerns for Trump due to potential indirect financial ties with companies and foreign governments.

via The Washington Post|
#business#digital-world-acquisition#merger-deal
politics2 years ago

"Trump's 2024 Bid Sparks Triple-Digit Rally in DWAC and Rumble Stocks"

Digital World Acquisition, a SPAC seeking to merge with Donald Trump's Truth Social, saw its stock soar 239% following Trump's win in the Iowa caucus, as he is expected to secure the Republican Party's 2024 nomination. The company has nine months left to complete the deal, or it will have to return the funds raised from investors. Trump's next election challenge is the New Hampshire primary, where he faces former South Carolina Governor Nikki Haley.

via Yahoo Finance|
#2024-election#digital-world-acquisition#donald-trump
finance2 years ago

"Trump-Linked SPAC Soars 239% Since Presidential Bid"

Digital World Acquisition's stock has surged by 239% since Donald Trump's recent win in the Iowa caucus, potentially due to expectations of his securing the Republican Party's 2024 nomination. The SPAC, which has been seeking a merger with Trump's Truth Social media platform, received a one-year extension from investors to finalize the deal. The stock's resurgence has brought it back to its meme-stock glory days, and Trump's next election challenge is the New Hampshire primary.

via Markets Insider|
#digital-world-acquisition#donald-trump#finance
businessfinance2 years ago

"Trump's Iowa Victory Sparks Surge in Linked Stocks and US Dollar"

Shares of Digital World Acquisition, the blank check firm set to take former U.S. President Donald Trump's social media platform public, rose 15% following his victory in the Iowa Republican contest, indicating investor confidence in his potential nomination for the 2024 presidential race. Additionally, software developer Phunware, hired by Trump's 2020 campaign, saw its shares nearly double, while video-sharing platform Rumble, popular with conservatives, gained 5%.

via Reuters|
#businessfinance#digital-world-acquisition#donald-trump
business2 years ago

Crucial Vote Looms for Trump Media's Proposed Merger with Digital World

The merger between former President Donald Trump's media start-up, Trump Media & Technology Group, and Digital World Acquisition, the company behind the pro-Trump social network Truth Social, is facing a critical funding deadline. Digital World, a special purpose acquisition company (SPAC), needs shareholder approval to extend the deadline for the merger to close. If the vote fails, Digital World will be required to liquidate and return $300 million to its shareholders, leaving Trump's company with nothing. The merger has been plagued by issues, including allegations of rule violations, executive terminations, insider trading charges, and misleading investors. The future of the merger remains uncertain as the deadline approaches.

via The Washington Post|
#business#digital-world-acquisition#merger
business2 years ago

Digital World Acquisition Settles with SEC Over Trump Media Merger

Digital World Acquisition, the financial partner of Donald Trump's media company, has offered to pay $18 million to the Securities and Exchange Commission (SEC) to settle an investigation into its initial merger talks. The settlement, subject to SEC approval, could help accelerate the long-delayed merger between Digital World and Trump Media & Technology Group. However, tensions between the companies may undermine the deal entirely. The merger, originally set to conclude last year, is still frozen due to the SEC investigation. Digital World has pushed to extend the deadline for another year. The settlement aims to remove uncertainty and allow Digital World to move forward in creating an alternative media platform. The SEC has not commented on the matter.

via The Washington Post|
#business#digital-world-acquisition#donald-trump
legalcrime2 years ago

Insider Trading Charges Filed Against Digital World Investors in Truth Social Deal

Three investors, including a former board member, have been charged with insider trading and making $22 million in illegal profits by using confidential information about the planned merger between Digital World Acquisition and Trump Media & Technology Group. The men bought Digital World shares before the merger announcement and sold them at a significant profit after the stock price soared. Digital World's shares have since plummeted, and the merger has been delayed due to ongoing federal investigations. The charges carry maximum sentences of up to 25 years in prison.

via The Washington Post|
#digital-world-acquisition#donald-trump#insider-trading
business2 years ago

Bed Bath & Beyond, Nikola, and Virgin Orbit among top movers in stock market.

Bed Bath & Beyond shares continue to slide after warning of potential bankruptcy, while Digital World Acquisition, the SPAC linked to former President Donald Trump, saw a 6.3% increase in shares. Nikola shares sank 11% after announcing a $100 million secondary stock offering priced 20% below Thursday's close. BlackBerry shares rose 16% after posting better-than-expected earnings, but missed revenue expectations. Regional bank stocks advanced, with the SPDR S&P Regional Banking ETF up 0.8%. Finally, Morgan Stanley named Mercadolibre a top pick, causing shares to rise 4%.

via CNBC|
#bed-bath-and-beyond#blackberry#business
business2 years ago

"Biggest Stock Moves: BBBY, NKLA, VORB, RH, Charles Schwab, Walmart, EVgo, UBS and More"

Bed Bath & Beyond shares dipped 2% before the bell, while Nikola fell 5% after announcing plans to raise $100 million through a secondary stock offering. Virgin Orbit shed nearly 43% after announcing that it would halt operations "for the foreseeable future" as it fails to secure funding. Digital World Acquisition surged as much as 19% in premarket trading on Friday. BlackBerry shares fell about 2% after the software company posted fourth-quarter revenue that fell slightly short of consensus estimates. Some regional bank stocks that have been volatile in recent weeks rose Friday.

via CNBC|
#bed-bath-and-beyond#blackberry#business