Former President Donald Trump and his social media platform could reap a $100 million windfall as a result of his historic, precedent-setting criminal indictment by the Manhattan District Attorney’s Office.
Former President Donald Trump and his social media platform could reap a $100 million windfall as a result of his historic, precedent-setting criminal indictment by the Manhattan District Attorney’s Office.
Shares of the special purpose acquisition company (SPAC) that was created to take Trump’s media company public soared by as much as 10% in pre-market trading on Friday — less than 24 hours after news of the indictment broke.
The stock price of Digital World Acquisition Corp., which closed at $13.06 on Thursday, was trading as high as $14.44 during Friday’s session on Wall Street.
When DWAC and Trump Media and Technology Group eventually merge, the former president is in position to hold 73.3 million shares, according to Securities and Exchange Commission filings cited by Forbes.
At $13.06 a share, Trump’s stake is believed to be worth an estimated $957 million.
With the stock price ticking up to $14.44 a share during midday trading on Friday, the value of Trump’s stake jumped to $1.058 billion — a gain of more than $100 million.
The merger agreement calls for Trump and other shareholders to receive bonus shares if the stock price of the newly merged entity hovers above $15 a share for a set period of time, according to Forbes.
In practical terms, Trump would receive an additional 12.8 million shares.
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