New York Attorney General Letitia James thought she ‘got’ Trump by using the state’s monopoly on force to scam him into paying hundreds of millions of dollars.
Whether or not the amount is ever actually paid by President Trump remains to be seen, but no matter what happens it seems as though Donald J. Trump will get the last laugh.
WLTR recently reported that one of the former President’s business entities, the Trump Media & Technology Group, and DWAC were set to merge pending some routine regulatory hurdles.
Since that time, a shareholder lawsuit was filed claiming that the merger would threaten certain shareholder interests—a common occurrence in these merger situations.
This created a small hurdle for the merger; however, since that time the lawsuit has been tossed by a Delaware judge.
Judge Sam Glasscock III explained that if the disputed shares are placed in a special escrow account then the conflict surrounding the shares will likely resolve itself.
At the time of this writing, the deal is back on, and the former President is set to rake in a windfall profit of $4 billion. Here are the latest developments:
dwac/truth social merger.
TRUMP to pocket $4,000,000,000.00.
i love it. pic.twitter.com/nKvGH3WuhW— tilt (@tiltbillings) March 8, 2024
President Trump stands to make billions after the SEC cleared the Truth Social merger deal. I hope he receives it in time to bond the NY appeals court their $450 million. He’ll get it back on appeal and the NY cases will be thrown out.
— The TRUMP PAGE 🇺🇸 (@MichaelDeLauzon) March 4, 2024
Fortune provided this critical update:
Officials at Digital World Acquisition Corp. – the blank-check company slated to host the vote — have already agreed to escrow the disputed stock in a separate suit filed by Patrick Orlando’s ARC Global Investments II.
In its suit, ARC challenged the conversion rate proposed for its founder’s stake, with the firm arguing it should get more shares in the merged company.
Orlando is Digital World’s ex-chief executive officer.
Some even speculated that a recent meeting between President Trump and billionaire Elon Musk suggests that Truth Social and X social might eventually merge.
TMTG merger with DWAC in final stages.
Truth social and X become one media conglomerate.
— Guaranteed Success (@gsusgod) March 10, 2024
I'm starting to believe that after the March 5th meeting between Trump & Musk that was 17 days before Trumps (3/22 ☠️) TMTG merger with DWAC to bring TMTG to the market
I suspect that Musk is going to be announcing that he will join this merger & merge X with TRUTH SOCIAL
THREAD pic.twitter.com/SCsW7w1mAk— 7̵7̵7̵_IS_666 (@777_IS_666) March 8, 2024
CNBC detailed the claims in the original lawsuit:
That motion claims that UAV’s current 8.6% stake in Trump’s company would be diluted to less than 1% as a result of the TMTG board approving an eight-fold increase in the total number of authorized shares in the firm, from 120 million shares to 1 billion shares.
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