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☆ Trump social media company will go public as DWAC shareholders approve merger
▼ + stars: | 2024-03-22 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Shareholders in Digital World Acquisition Corp. voted Friday to approve a merger with Donald Trump's social media company, a deal that could net the former president an eventual windfall of $3 billion or more. The vote by DWAC shareholders comes about 2½ years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns the Truth Social app platform. Shares in the newly combined company, Trump Media, could begin to be publicly traded next week under the stock symbol DJT, Trump's initials. The value of Trump's shares in the merged company would be affected by any decline in DWAC's share price.

Persons: Donald Trump, Donald Trump's, Letitia James Organizations: Corp, Trump Media & Technology Group, Trump, New York, Trump Media Locations: Washington ,

☆ Trump Media sued by co-founders ahead of DWAC merger, potential setback for lucrative deal
▼ + stars: | 2024-02-29 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Donald Trump (R) and producer Andy Litinsky (L) attend the Comedy Central Roast Of Donald Trump at the Hammerstein Ballroom on March 9, 2011 in New York City. The partnership, United Atlantic Ventures alleges that Trump Media & Technology Group engaged in "wrongful 11th hour ... maneuvering" to dilute UAV''s minority stake in the media company, a court filing says. Donald Trump attends the 'Celebrity Apprentice' Red Carpet Event at Trump Tower on January 5, 2015, in New York City. "They actually went out and did the work, they created Truth Social, and now the beneficiary of that, Donald Trump, doesn't want to pay." CNBC has requested comment from spokesmen for Trump, TMTG and DWAC about the lawsuit, which was first reported by The Washington Post.

Persons: Donald Trump, Andy Litinsky, Moss, Wes Moss, Trump, Jean Carroll, Christopher Clark, Clark, Donald J, TMTG, UAV's, TMTG's Organizations: Trump Media, Twitter, Facebook, United Atlantic Ventures, Trump Media & Technology Group, Trump Tower, Trump, Republican, TMTG, CNBC, The Washington Post, Securities and Exchange Commission, Department of Justice, SEC Locations: New York City, TMTG, Delaware, New York, partnership's Delaware

☆ DWAC shares soar as merger with Trump social media company appears closer
▼ + stars: | 2024-02-15 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. jumped 15% Thursday morning after the special purpose acquisition company announced Wednesday night that it is close to completing its proposed merger with Trump Media and Technology Group, former President Donald Trump's social media company. That SPAC first began merger talks with Trump's media group, which operates the Truth Social platform, in October 2021. Shvartsman last week was hit with a new money laundering count related to transfers he allegedly conducted after netting a profit of $18.2 million from selling DWAC stock. Shares of DWAC have rallied in recent months as Trump has emerged as the likely Republican nominee for president in November.

Persons: Donald Trump, Donald Trump's, DWAC, Eric Swider, Michael Shvartsman Organizations: Corp, Trump Media, Technology Group, The Securities, Exchange Commission, Department of Justice, SEC, Shvartsman, Trump, Republican Locations: Washington ,, Florida, New York

☆ Donald Trump just got the green light to return to Wall Street
▼ + stars: | 2024-02-15 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Months after leaving the White House, former President Donald Trump began plotting his return to Wall Street. US regulators have finally given the green light to a controversial merger between Truth Social owner Trump Media & Technology Group and a blank-check company. ‘This is a meme stock’Moreover, there are major questions about the sky-high valuation being placed on this media company. He described that valuation as “crazy” because Trump Media is generating little revenue and burning through cash. One of the final remaining hurdles is for Digital World shareholders to approve the merger in an upcoming vote.

Persons: Donald Trump, Trump, ”, Jay Ritter, Ritter, Devin Nunes, Eric Swider, “, Matthew Tuttle, he’s, Tuttle, — Organizations: New, New York CNN, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Republican, New SEC, ” Trump Media, Big Tech, Digital, Tuttle Capital Management Locations: New York, Trump, Atlantic City

☆ Trump media deal partner DWAC nears $50 million financing, sources tell Reuters
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +1 min

In this photo illustration, Digital World Acquisition Corp (DWAC) logo is seen on a smartphone and Trump Media & Technology Group (TMTG) logo on a pc screen. Digital World Acquisition Corp. , the blank-check acquisition company that has agreed to take former U.S. President Donald Trump's social media platform public, is nearing a $50 million financing deal, people familiar with the matter said on Thursday. The deal, which could be announced in the next few days, is based on convertible notes and will help fund DWAC while it seeks to complete its merger with Trump Media & Technology Group, owner of social media platform Truth Social, the sources said. The sources requested anonymity because details of the deal discussions are confidential. Representatives for Anson Funds, All Blue Capital and Mangrove Capital Partners did not immediately respond to requests for comment.

Persons: Donald Trump's, Eric Swider, Anson Organizations: Trump Media & Technology, Trump Media & Technology Group, Investment, Funds, Blue, Mangrove Capital Partners, Anson Funds

☆ Trump Media SPAC insider trading defendant hit with new money laundering count
▼ + stars: | 2024-02-07 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A man already charged with insider trading related to a shell company's planned merger with Donald Trump's social media firm was hit with a new money laundering count in Manhattan federal court. The new indictment details two money transfers Shvartsman conducted after netting a profit of about $18.2 million from selling Digital World Acquisition Corp . Shvartsman, his brother Gerald Shvartsman and Bruce Garelick were indicted in June on securites fraud charges related to their sale of DWAC securities in fall 2021 and other conduct. The trio of investors allegedly bought DWAC securities after learning on a confidential basis that the so-called special purpose acquisition company was eyeing a merger with Trump Media and Technology Group. TMTG includes the social media platform Truth Social, which is one of the former president's favorite methods for communicating with supporters online.

Persons: Michael Shvartsman, Donald Trump's, Shvartsman, Gerald Shvartsman, Bruce Garelick, DWAC Organizations: Federal, Corp, Trump Media, Technology Group, TMTG, Prosecutors Locations: New York, Manhattan

☆ Trump-linked SPAC surges: DWAC pops more than 80%
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump-linked SPAC surges: DWAC pops more than 80%Hosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Brian Sullivan, “ Organizations: Trump, CNBC

☆ Trump's Truth Social reports $73 mln net loss since launch
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Dave Sanders/Pool via REUTERS//File Photo Acquire Licensing RightsNov 13 (Reuters) - Former U.S. President Donald Trump's social media platform Truth Social has lost $73 million since its launch in early 2022, a securities filing by Digital World Acquisition Corp (DWAC.O), the SPAC that plans to merge with the company, showed on Monday. Trump had announced the launch of his social media app in Oct 2021, saying it would "stand up to Big Tech" companies such as Twitter and Facebook that previously barred him. In 2022, Truth Social posted a loss of $50 million, with net sales of just $1.4 million. It lost $23 million in the first half of this year, with net sales of $2.3 million. Trump Media & Technology Group's (TMTG) independent registered public accounting firm has indicated that the financial condition raises substantial doubt as to its ability to continue as a going concern, according to the filing.

Persons: Donald Trump, Dave Sanders, Donald Trump's, Trump, TMTG, Maria Ponnezhath, Nivedita Organizations: U.S, Trump Organization, Court, REUTERS, Former U.S, World, Big Tech, Twitter, Facebook, Trump Media & Technology, Digital, Thomson Locations: New York, Manhattan, New York City, U.S, Former, Bengaluru

☆ Trump's social media company has lost over $31 million since its launch, faces potential shutdown
▼ + stars: | 2023-11-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Truth Social is the alternative social media platform backed by former President Donald Trump, who posts on it several times a day. If the merger does not happen, the DWAC filing warned, TMTG might be unable to "fully develop" Truth Social. Trump returned to X in August, though he has said Truth Social is still his primary social media platform. Trump's presence on Truth Social started as a boon for the company but has now become a crutch. But even the former president's loyalty to Truth Social may not be enough to keep the platform afloat on its own.

Persons: TMTG, Donald Trump, DWAC, Devin Nunes, Nunes, Trump, Elon Musk Organizations: Trump Media, Technology Group, Truth, SEC, Securities and Exchange, Trump, Republican, DWAC, Twitter, Facebook, U.S . Capitol, Big Tech, Tesla

☆ Trump's Truth Social has lost $73 million since its launch, faces potential shutdown
▼ + stars: | 2023-11-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

In its first fiscal year ending Dec. 2022, TMTG, Truth Social's parent company, lost over $50 million on $1.4 million in sales. Given that origin story, Truth Social has branded itself as a safe haven from "Big Tech censorship," a vision that must be realized for Truth Social to maintain any sort of competitive advantage, according to the filing. Trump returned to X, the platform formerly known as Twitter, in August, though he has said Truth Social is still his primary social media platform. Trump's presence on Truth Social started as a boon for the company but has now become a crutch. But even the former president's loyalty to Truth Social may not be enough to keep the platform afloat on its own.

Persons: Donald Trump, Joe Biden's, DWAC, Devin Nunes, Nunes, Trump, Elon Musk Organizations: Acquisition Corporation, Trump Media, Technology Group, Trump, Republican, DWAC, Securities and Exchange Commission, Truth, Twitter, Facebook, U.S . Capitol, Big Tech, Tesla

☆ Trump's Truth Social is promoting the Biden campaign's new account
▼ + stars: | 2023-10-18 | by ( Drew Richardson | ) www.cnbc.com time to read: +3 min

Former President Donald Trump's social media company is promoting President Joe Biden's campaign account on the platform, as the two politicians gear up for a possible election rematch. You can find their account @BidenHQ here," Truth Social said in an email sent to users Wednesday. The email also noted that Trump's campaign account is on Truth Social. Trump's campaign account has gained 19,000 followers since its creation in February 2022. Truth Social, meanwhile, is still waiting to become part of a public company under Trump Media and Technology Group.

Persons: Joe Biden, Donald Trump's, Joe Biden's, Trump, Biden, Elon Musk, DWAC, Brandon Organizations: White, Washington , D.C, Truth, Trump, GOP, Biden, Capitol, Trump Media, Technology Group, CNBC, America Economic Survey Locations: Washington ,

That gave the PIPE investors the right to cancel their commitments. An Aug. 9 amendment of TMTG's deal with Digital World called for the unwinding of the PIPE. This amendment gives Trump new shares in Digital World with more voting power. It remains unclear when and if Digital World will ask its shareholders to vote on the deal with TMTG, a necessary step for its completion. Shares of Digital World dropped 2% on Thursday to $15.54, far below their peak of around $97 a share in March 2022.

Persons: Donald Trump, Dado Ruvic, Donald Trump's, Devin Nunes, TMTG, Helen Coster, Josie Kao, Rod Nickel Organizations: REUTERS, U.S, Trump Media & Technology, Digital, TMTG, DWAC, Trump, Reuters, U.S . Department of Justice, Securities and Exchange Commission, Thomson

☆ SPAC to Return Remaining $533 Million Raise for Trump Social Media Deal
▼ + stars: | 2023-10-12 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

Persons: Helen Coster, Donald Trump's, Devin Nunes, TMTG, Josie Kao, Rod Nickel Organizations: Corp, U.S, Trump Media & Technology, Digital, TMTG, DWAC, Trump, Reuters, U.S . Department of Justice, Securities and Exchange Commission

The Truth social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022. The development is the nail in the coffin of the $1 billion investment that DWAC (DWAC.O) had raised for the merger with Trump Media & Technology Group (TMTG), which runs the Truth Social platform. It was unclear how TMTG will fund itself if the deal does not go through. TMTG previously raised $22.8 million in financing from private investors, Reuters reported last October. In September DWAC Investors voted to give up to a one-year extension to complete the TMTG deal, the deadline for which had been delayed several times.

Persons: Donald Trump, Dado Ruvic, Donald Trump's, TMTG, DWAC, Helen Coster, Josie Kao Organizations: REUTERS, U.S, Trump Media & Technology, Reuters, Trump, U.S . Department of Justice, Securities and Exchange Commission, SEC, DWAC, Thomson Locations: TMTG ., DWAC

☆ SPAC shell games will keep hiding the ball
▼ + stars: | 2023-10-05 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +9 min

It’s more or less how another 216 companies backed into public markets in 2021, according to SPAC Research. They’re on track to miss the mark by more than 40%, delivering only about $55 billion, according to recent forecasts compiled by LSEG. The electric-vehicle industry, for one, was a serial SPAC user whose exuberance sputtered badly. Dressing them up as acquisitions of private firms by listed shell companies enables the participants to play by looser rules. SPAC investors buy shares in the empty vessel before its sponsor and takeover target agree on a valuation.

Persons: Vishal Garg, Better’s, Breakingviews, SPACs, ”, Joel Rubinstein, Donald Trump’s, Spruce, Woodruff Sawyer, Gary Gensler, Ellis, Gensler, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, & Finance, Research, LSEG, Polestar Automotive, White, The Securities, Exchange Commission, XL Fleet, SEC, Reuters Graphics Reuters, Case, Kirkland, U.S . Securities, Financial Services, Thomson

☆ Digital World, Trump's media firm add new termination clause to merger deal
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

The move comes weeks after Digital World investors voted to give up to a one-year extension to complete the much-delayed deal. The blank-check firm amended the merger agreement on Sept. 29, according to the filing, which also disclosed that Digital World can terminate the agreement only in that three-week period in November. Digital World has faced a series of challenges since it stuck a merger deal with Trump Media & Technology Group (TMTG) on October 2021. If the merger closes, Trump Media would gain access to more than $1 billion in cash from DWAC's institutional investors, such as hedge funds. According to a Feb. 2, 2021 services agreement, Trump controls 90% of Trump Media.

Persons: Donald Trump, Mike Blake, Donald Trump's, DWAC's, Jaspreet Singh, Anil D'Silva Organizations: U.S, Republican, California Republican Party, REUTERS, Digital, Securities and Exchange Commission, Trump Media & Technology, U.S . Department of Justice, SEC, Trump Media, Trump, Thomson Locations: Anaheim , California, U.S, Bengaluru

☆ Truth Social merger: Trump Media & Technology Group and DWAC now both have the option to kill the deal
▼ + stars: | 2023-10-02 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —The long-delayed and highly controversial deal to bring Truth Social and the Trump media empire to Wall Street has a new twist – the merger could get terminated by either party. Under an updated merger agreement, both parties in the deal will have the opportunity to kill the merger between October 31 and November 21, according to a regulatory filing on Monday. Likewise, Trump Media can terminate the deal for the same reasons over the same window of time. The parties did not explain why the new termination language was added to the merger agreement. The so-called blank-check firm targeted Trump Media in the fall of 2021.

Persons: that’s, Donald Trump, Trump, Matthew Tuttle, ”, Tuttle, ” Tuttle Organizations: New, New York CNN, Truth, Trump, Trump Media & Technology Group, Trump Media, Digital, Securities and Exchange Commission, Trump Organization, Tuttle Capital Management Locations: New York

☆ Trump’s Truth Social merger partner granted key extension to avoid liquidation
▼ + stars: | 2023-09-06 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Digital World Acquisition Corp., the blank-check firm seeking to merge with former President Donald Trump’s media company, will get another extension to complete its troubled deal. Shareholders voted to grant DWAC (DWAC) another year to pull off its merger with Trump Media & Technology Group, which owns Truth Social, according to an SEC document posted Wednesday. Had shareholders voted against the extension, DWAC would have liquidated, and the social media platform would have to find another financial backer by September 8, 2023. It’s the second time DWAC asked for an extension for closing the deal, the first being in September 2022. In June, federal prosecutors arrested three investors on insider trading charges related to Digital World’s deal with Trump’s media company.

Persons: Donald Trump’s, DWAC, Devin Nunes Organizations: New, New York CNN, Trump Media & Technology Group, SEC, TMTG Locations: New York

Digital World needed to get 65% of its roughly 400,000 shareholders to vote to approve the extension. Shares of Digital World were trading at $16.80 on Tuesday, up 1.8% on the day but down from a peak of around $97 a share in March, 2022. Digital World has faced a series of challenges since the October 2021 announcement that it was planning to acquire TMTG. If DWAC's deal with TMTG closes, Trump Media would gain access to more than $1 billion in cash from DWAC's institutional investors, such as hedge funds. According to a Feb. 2, 2021 services agreement, Trump controls 90% of Trump Media.

Persons: Donald Trump, Evelyn Hockstein, Donald Trump's, TMTG, Svea Herbst, Bayliss, Emelia Sithole, Paul Simao Organizations: Fair, REUTERS, U.S, Trump Media & Technology, U.S . Department of Justice, Securities and Exchange Commission, SEC, Trump Media, Trump, Reuters, Svea, Thomson Locations: Iowa, Des Moines , Iowa, U.S

☆ Digital World shareholders vote to extend time for deal with Trump media company
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +1 min

After a number of delays, enough shareholders agreed to give DWAC up to an additional 12 months to finalize its plans with Trump Media & Technology Group (TMTG), a person familiar with the vote said on Tuesday. Digital World needed to get 65% of its roughly 400,000 shareholders to vote to approve the extension. Digital World has faced a series of challenges since the October 2021 announcement that it was planning to acquire TMTG. If DWAC's deal with TMTG closes, Trump Media would gain access to more than $1 billion in cash from DWAC's institutional investors, such as hedge funds. According to a Feb. 2, 2021 services agreement, Trump controls 90% of Trump Media.

Persons: Donald Trump's, TMTG Organizations: U.S, Trump Media & Technology, Digital, U.S . Department of Justice, Securities and Exchange Commission, SEC, Trump Media, Trump

☆ Digital World slides as Trump returns to X, formerly Twitter
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsAug 25 (Reuters) - Shares of Digital World Acquisition Corp (DWAC.O), which has agreed to merge with Donald Trump's media company, fell 5% in premarket trading on Friday after the former U.S. president returned to social media platform X. He had over 88 million followers on the platform before the ban, while he had 6.39 million followers on Truth Social as of Friday. Blank-check firm Digital World said in October 2021 it had agreed to merge with TMTG, in a deal that would infuse the Truth Social parent with $1.3 billion in cash. The deal, however, faced scrutiny for months and Digital World settled fraud charges with the U.S. securities regulator earlier this year that had delayed its closing. Digital World earlier this month pushed the deadline for the merger by over three months to Dec. 31, in the latest extension.

Persons: Donald Trump, Evelyn Hockstein, Donald Trump's, Trump, Elon Musk, Chavi Mehta, Sriraj Organizations: Fair, REUTERS, Trump Media & Technology, Twitter, U.S, Capitol, Nasdaq, Thomson Locations: Iowa, Des Moines , Iowa, U.S, Fulton County Jail, Georgia, Bengaluru

Trump, who had over 88 million followers when Twitter banned him, posted a photo on Thursday of the mug shot with the words: "ELECTION INTERFERENCE! On Thursday evening, Trump broke from a vow that he would stick exclusively with his new platform Truth Social, the app developed by his Trump Media & Technology Group (TMTG) startup. Trump had 6.4 million followers on Truth Social as of Thursday. Truth Social has been Trump’s main source of direct communication with his followers since he began posting on the app regularly in May. The former president has used Truth Social to promote his allies, criticize his opponents and defend his reputation amid legal scrutiny from state, congressional and federal investigators.

Persons: Donald Trump, Trump, Elon Musk, ”, Georgia's, Tucker Carlson, TMTG, DWAC, Eric Beech, Costas Pitas, Mike Scarcella, Howard Goller, Stephen Coates Organizations: Twitter, U.S . Capitol, House, U.S, REUTERS Acquire, Fox News, Trump Media & Technology, Trump, Department of Justice, SEC, DWAC, TMTG, U.S . Constitution, Thomson Locations: Fulton County Jail, Georgia, Francisco, U.S ., U.S, California, Pasadena , California

☆ Digital World extends deadline for merger with Donald Trump's media company
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Former U.S. President and Republican presidential candidate Donald Trump speaks during a campaign rally in Windham, New Hampshire, U.S., August 8, 2023. REUTERS/Reba SaldanhaAug 9 (Reuters) - Digital World Acquisition (DWAC.O) and former U.S. President Donald Trump's media company on Wednesday extended the deadline for their merger by over three months to Dec. 31, as they work to close the deal that has been delayed by regulatory scrutiny. The move comes weeks after blank-check firm DWAC settled fraud charges with the U.S. securities regulator, clearing some of the uncertainty over its merger with Trump Media & Technology Group (TMTG) - the parent company of the Truth Social app. The firm, which originally struck a deal to merge with TMTG in October 2021, had in June extended the deadline to Sept. 8. The company in July named Eric Swider as its new CEO after ousting Patrick Orlando in March.

Persons: Donald Trump, Reba Saldanha, Donald Trump's, DWAC, Eric Swider, Patrick Orlando, Jaspreet Singh, Anil D'Silva Organizations: U.S, Republican, REUTERS, Trump Media & Technology, TMTG, U.S . Securities, Exchange Commission, Thomson Locations: Windham , New Hampshire, U.S, Bengaluru

☆ Trump-linked SPAC surges as fraud settlement lifts hopes for deal completion
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

"It was weighing on shares and this gives investors hope that a deal could be completed," said Dennis Dick, a trader and equity market structure analyst at Triple D Trading. If the deal consummates, TMTG will have more than $1 billion of cash in its reach from the SPAC's institutional investors. Earlier, the SPAC had extended the deadline to acquire TMTG by three months to Sept. 8 and named interim boss Eric Swider as its chief executive officer. Trump founded Truth Social months after he was permanently suspended on Twitter and Meta Platforms' (META.O) Facebook and has since amassed more than 5.5 million followers on his conservative social media platform. Reporting by Akash Sriram in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump's, Dennis Dick, TMTG, DWAC, Eric Swider, Trump, Akash Sriram, Shweta Agarwal Organizations: U.S, Trump Media & Technology, Triple D, SEC, Truth, Twitter, Facebook, Thomson Locations: Bengaluru

☆ Trump Media merger partner DWAC soars 50% after SEC fraud settlement
▼ + stars: | 2023-07-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

The social media app will be developed by Trump Media and Technology Group (TMTG). DWAC is a special purpose acquisition company, or SPAC, that announced plans to merge with Truth Social parent company Trump Media & Technology Group in October 2021. DWAC's SEC settlement dictates that the company must pay an $18 million civil penalty fee if it merges with TMTG and takes the company public. But if the merger does not occur before the Jan. 1, 2025, deadline, and if DWAC returns investors' money, the SEC has agreed to waive the penalty. It is illegal for SPACS to solicit specific merger targets ahead of an actual initial public offering filing.

Persons: Donald Trump's, DWAC, Trump Organizations: Trump Media, Technology, Securities and Exchange Commission, Social, Trump Media & Technology Group, SEC, SPACS, Florida, White House, Republican Locations: DWAC, New York, Georgia

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