Former US President Donald Trump is due to be handed a US$3.5 billion ($5.8b) payday as the Republican presidential contender faces a looming deadline to pay a huge legal bill, after his social media company passed the final obstacle to a Wall Street listing.
Shareholders in Digital World Acquisition Corp, a listed cash shell, voted to approve a merger with Trump Media & Technology Group (TMTG), the company behind Trump’s social network Truth Social.
It means TMTG will join the Nasdaq exchange as early as next week. Trump will own a majority of the combined company with a stake worth around US$3.5b.
Trump has until Monday local time to pay a US$454m bond to a New York civil fraud case and authorities could seize his assets if he does not pay. He must pay the bond as he seeks to appeal a ruling that he fraudulently inflated the value of his assets.
While he would not be able to sell his shares for six months, the merger of TMTG and Digital World may buttress Trump’s finances.