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Donald Trump Poised For Billions In Paper Gains After SPAC Shareholders Vote To Merge With His Social Media Firm
Donald Trump could potentially reap billions of dollars after Digital World Acquisition Group shareholders voted to merge with his social media firm.
Digital World is a special-purpose acquisition company, or SPAC, which is an entity set up expressly for the purpose of engineering a merger. The company has burned through its initial cash reserves over two years, encountering a number of stumbling blocks on the way to Friday’s vote, which removed the final hurdle to the plan to merge and take the stock public. The former president is facing a Monday deadline for posting a $464 million bond related to a judgment against him in New York stemming from charges that he overstated the worth of properties and other assets.
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