Can Trump Sell His Truth Social Stock To Pay Bills? His Son Could Be The Answer
Portfolio Pulse from Bibhu Pattnaik
Former President Donald Trump is considering selling his stock in Digital World Acquisition Corp. (NASDAQ:DWAC) to pay over $450 million in legal bills. DWAC's stock plummeted nearly 14% after news of a merger to take Truth Social's parent company, Trump Media & Technology Group (TMTG), public. Trump, holding a 58% stake in TMTG, faces restrictions on selling his shares for six months, though this may change with the new board, including his son. TMTG's co-founders are suing Trump, adding to the company's challenges as it prepares to trade under the ticker DJT.
March 24, 2024 | 1:46 pm
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Digital World Acquisition Corp. (DWAC) stock plummeted nearly 14% following the announcement of its merger with Trump Media & Technology Group (TMTG), amid news that Trump may sell his stock to pay legal bills.
The news of Trump potentially selling his DWAC stock to cover legal bills, combined with the stock's sharp decline post-merger announcement, suggests a negative short-term impact on DWAC's stock price. The legal challenges and the involvement of Trump's son in the board could add uncertainty, further affecting investor sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100