Reuters :
Former U.S. President Donald Trump came a step closer on Friday to reaping a major windfall from his social media firm after investors in a blank-check acquisition company approved a merger currently worth about $5.7 billion.
The deal values Trump’s majority stake in the company that holds his app Truth Social at about $3.3 billion.
The windfall could prove vital as Trump grapples with the financial fallout of a string of legal cases against him, including a $454 million judgment in a civil fraud case in New York.
Shareholders of Digital World Acquisition Corp (DWAC) (DWAC.O), opens new tab, the special purpose acquisition company (SPAC) that plans to list Trump Media & Technology Group on the stock market through a merger, voted in favor of the deal on Friday.