Donald Trump’s wealth could increase by more than $3 billion on Friday if shareholders vote for a merger with his Trump Media business and Digital World Acquisition — a special purpose acquisition company, or Spac.
Digital World Acquisition has complicated the deal by suing ARC Global Investments, which is trying to delay the merger. Digital World’s former CEO, Patrick Orlando, was ousted last year but still holds significant leverage over the company through his ability to influence the voting shares of ARC under his control.
The new business would be listed as Trump Media & Technology Group, with a ticker of TFG’s initials, DJT.
Although Trump holds a majority stake in his media company, his shares are subject to a six-month lockup.
The merger document contains a standard provision barring “founder share” owners like Trump from selling their stock until six months after the completion of the deal – a clause designed to prevent a glut of shares hitting the market and suppressing their price in the wake of a listing debut.
Trump would need a waiver to get around the provision.
