The approval from investors would come as Trump faces a severe financial crunch: He’s been hit with more than $500 million in civil penalties, not to mention ongoing legal fees as he appeals verdicts against him.
Investors on Friday are expected to sign off on a deal to allow former President Donald Trump’s new venture to be publicly traded on Wall Street. | Jamie Kelter Davis for POLITICODonald Trump is on the verge of gaining what could be a massive windfall from his social media company. But it will likely come too late to save him from the financial peril he’s facing now.
“It’s simply trading on Trump’s name,” said Kristi Marvin, founder of SPACInsider, a research firm. “People aren’t buying this because they like the fundamentals — they’re buying this because they like Trump.” If approved by the investors, the combination would result in the GOP presumptive presidential nominee’s company trading in the public markets in the coming weeks and receiving an infusion of cash. Trump will own at least 58 percent of the new company — a stake that’s currently valued at roughly $3 billion — surpassing
He also recently posted a separate $91.6 million bond to prevent the writer E. Jean Carroll from enforcing a defamation verdict, which he is appealing.
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