Well, isn’t life just a box of chocolates for our former President Trump? Despite the incessant attempts to bury him under a pile of lawsuits and business boycotts, it seems like Trump is set to make a financial comeback that would make Rocky Balboa proud. Trump’s association with his social media platform, Truth Social, may just be his golden ticket. You remember Truth Social, right? That’s the venture Trump has been cozying up to ever since he got kicked out of the cool kids’ club on Twitter and Facebook. Well, it turns out that this little venture could potentially send his financial assets soaring right into the stratosphere.
Initially valued at around $700 million in 2022, and then taking a nosedive to less than $100 million, Truth Social now teeters on the edge of going public. If this happens, Trump’s shares in Truth Social could skyrocket to an eye-watering $4 billion. That’s billion with a ‘b’, ladies and gentlemen. Now, before you start picturing Trump doing a Scrooge McDuck-style dive into a pool of gold coins, it’s worth noting that he wouldn’t be able to liquidate his stocks immediately. He’d have to wait six months before any potential sale. But hey, what’s half a year when you’re on the verge of becoming a billionaire… again?
Truth Social was launched in October 2021 as a direct counterpunch to what Trump saw as bias against conservative voices on mainstream social media platforms. It was presented as a “big tent” social media platform that promotes free speech and provides a safe space for conservative discourse without the looming shadow of “cancel culture.” In short, it’s Twitter for people who think Twitter has become too “woke.”
Fast forward to February 2024, and Truth Social has secured approval from U.S. regulators for a public listing through a merger with Digital World Acquisition Corp (DWAC), according to Axios. This led to a nearly 15% spike in shares, pushing DWAC’s market valuation to approximately $1.86 billion.
Truth Social is about to go public, CNN is losing their minds that Trump would add another $4 Billion to his net worth.. pic.twitter.com/7BVFsDoidE
— Matt Couch (@RealMattCouch) February 19, 2024
But it’s not all smooth sailing. There are some concerns about Patrick Orlando, the former CEO and current director of DWAC, who’s demanding extra compensation. This could potentially throw a wrench in the works and derail the merger.
Meanwhile, Trump is still juggling a heap of legal issues. Just last Friday, Judge Arthur Engoron ruled that Trump must pay over $350 million and is barred from conducting any business in New York State for three years. In January, a Manhattan jury ordered Trump to pay a staggering $83.3 million to E. Jean Carroll in a defamation lawsuit. So, is this potential windfall from Truth Social enough to offset his legal troubles? Only time will tell.