Former President Donald Trump’s Truth Social is going public on Tuesday after investors approved the merger.
The timing seems favorable for Trump, who needs to post $175 million to New York, reduced from $454 million. Typically, deals such as this do not allow for majority shareholders to sell their shares so early, barring them from doing so for six months.
However, Trump could be granted a waiver to bypass this rule from the seven-member board. Boards typically wait a month before granting waivers in order to prevent other shareholders from selling that could result in losses for independent investors.
“Nobody really knows how it’s going to go, but it will definitely be fascinating to watch,” Kristi Marvin, founder of SPACInsider, a data and research provider, told the Wall Street Journal.
He would still be limited to how much stock he could sell. Over a three-month period, Trump
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