As former President Donald Trump struggles to post his $464 million bond in the New York civil fraud case, Truth Social going public looked like it might have been his saving grace.
Except he won’t be able to turn his shares into cash for six months, and his bond is due Monday.
Investors signed off on a deal that allowed the former president’s social media company, which operates Truth Social, to be traded publicly on the stock market. Trump’s estimated $3 billion he stands to make is tied up, however, in a “lock up agreement,” which is a normal safety measure to ensure investors don’t immediately jump ship on a company that goes public and drives stock prices down.
“It’s simply trading on Trump’s name,” Kristi Marvin, founder of SPACInsider, a research firm, told Politico.
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