Former United States President Donald Trump is facing a pretty horrible situation after a civil fraud trial hit him with a $464 million judgment that could have cost him his golf courses and other assets if he couldn’t come up with the money. But it looks like a financial windfall could be on the way that could help him find the money.
According to a report from Julia Shapero of The Hill, shareholders of Digital World Acquisition Corp. approved a merger with Donald Trump’s Truth Social that could net the former president about $3.5 billion, given his massive share in the company.
“The long-delayed merger between the blank check company and Trump Media & Technology Group (TMTG) received regulatory approval from the Securities and Exchange Commission (SEC) last month,” Shapero wrote for The Hill on Friday.
“Trump stands to make about $3.5 billion from the deal, given the nearly 79 million shares he would control in the newly merged company.”
Trump has been unable to secure a bond that would cover the cost of the $464 million judgment while he appealed the decision. If Trump is unable to come up with a bond or pay the money himself, the New York attorney general’s office could move to seize his assets and properties and has taken a first step toward seizing one of Trump’s golf resorts.
While this will serve as a massive financial windfall for the former president, it won’t necessarily solve all his problems immediately due to a provision that prevents insiders from selling new shares for six months. However, there is a chance that it could increase his chance at receiving a bond.
[The Hill]
About Kevin Harrish