Trump's Truth Social gets closer to Wall Street after SEC approves merger

The Securities and Exchange Commission has approved a merger between former President Donald Trump’s media company and a shelf company, paving the way for Mr. Trump’s Truth Social platform to become public.

Digital World Acquisition Corp. announced the approval of the merger between Digital World and Trump Media & Technology Group.

"This achievement marks a significant milestone for us. Our sincere thanks go to our shareholders for their unwavering support. We are excited to soon share the news of the Business Combination's approval process with them,” Eric Swider, CEO of Digital World, said in a statement on Wednesday.

A date for a shareholder vote will be announced.

The proposed merger has been plagued with issues since it first came to light in October 2021. Three investors were charged in June for insider trading that allegedly profited them more than $22 million. The SEC said Digital World violated anti-fraud laws in July by not disclosing to investors that it was actively looking at merging with Mr. Trump’s company.

There was also the issue of Truth Social running out of money. SEC filings from November showed the company had lost $316 million since it was launched in early 2021.

“Truth Social was created to serve as a safe harbor for free expression and to give people their voices back,” former Rep. Devin Nunes, who is Trump Media CEO, said in a statement. “Moving forward, we aim to accelerate our work to build a free speech highway outside the stifling stranglehold of Big Tech.”