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USA: Donald Trump announces media companies

USA: Donald Trump announces media companies

Former US President Donald Trump wants to do this
Initial public offering From his media company TMTG to solve its liquidity problems. Shareholders approved the necessary merger with Trump associate Digital World Acquisition Corp (DWAC). Trump is himself a major shareholder in TMTG, and according to estimates, could gain more than $3 billion from the move.

Trump was convicted of business fraud. A court-required security deposit of nearly half a billion dollars is scheduled to be paid Monday. According to his lawyer, he will not be able to collect the money.

Trump, 77, founded Trump Media & Technology Group (TMTG) to create his own online network, Truth Social. In order to go public, TMTG will merge with DWAC. The partner company acts as a kind of vehicle: it is a so-called special purpose acquisition company (Spac), meaning it is an empty shell that is actually traded on the stock exchange.

Trump fined

By merging with such a company, Trump's TMTG could go public on Wall Street, bypassing several requirements. The use of these stock exchange tools is very common in the United States. However, in such deals, major shareholders like Trump must hold their shares for six months before they can sell them.

In a civil trial in New York, Trump and his sons Donald Jr. and Eric were found guilty of inflating the assets of their real estate empire over the years. Trump was therefore fined approximately $355 million plus interest, and each of his children was fined $4 million plus interest.

The total value of these sanctions amounts to approximately $464 million (427 million euros). Trump has appealed the ruling. The deadline by which Trump must deposit funds with the judiciary or provide appropriate guarantees ends on Monday.

American magazine Forbes Trump's wealth is estimated at $2.6 billion. However, most of them are related to real estate and are therefore not immediately available to him. Right-wing populist Trump wants to become US president again, and is expected to compete against 81-year-old incumbent Democratic President Joe Biden in the November election.