The Trump Media merger has been approved, providing a new source of cash

Former President Donald J. Trump’s social media company completed a long-awaited merger with a cash-rich shell company on Friday, boosting Trump’s wealth by billions and potentially giving him a new source of cash to pay his mounting legal bills.

By approving the merger, shareholders of Digital World Acquisition Corporation will become shareholders of Trump Media & Technology Group, which will trade on the stock market under the stock symbol DJT. The deal will pump more than $300 million into Trump Media, which has virtually exhausted its available cash, and will allow Truth Social, the company’s flagship digital media platform, to continue operating.

Based on Digital World’s stock price of $44 per share just before the vote was announced, Trump Media will debut with a market value of more than $5 billion. That means Trump’s personal stake will be worth more than $3 billion.

Trump Media shares could start trading under the new stock symbol as early as next week.

The deal’s approval comes as Trump faces a Monday deadline to pay a $454 million fine in a civil fraud case in New York. He is not allowed to sell any of his shares or use them as collateral for a loan for six months, although he could ask the merged company’s board to waive that rule for him.

Trump Media said in a statement before the vote that “the merger will enable Truth Social to improve and expand our platform.”

This is the latest news. Check back for updates.