Investors voted Tuesday to give the blank check company attempting to take Truth Social public another year to finalize its merger with former President Trump’s media startup, according to reports.
Shareholders in Digital World Acquisition Corp. (DWAC) granted the company a 12-month extension to close the deal with Trump Media & Technology Group (TMTG), just days before its Sept. 8 merger deadline, Axios reported.
This is the company’s second yearlong extension.
If the extension vote had failed, DWAC would have been required to liquidate and return the $300 million it raised to shareholders, according to Reuters.
I used to work for a wealth management firm who got pre-IPO shares of DWAC. Even with the lockup period, anyone who bought those shares made an incredible amount of money. To anyone who invested at or after the IPO…they’ve lost quite a bit. Just goes to show that being good at investing boils down to having lots of money and knowing the right people. Basically the rich get richer with absolutely no risk while the average person gets fucked to line their pockets.