NEW YORK – Former president Donald Trump’s social media company on March 22 completed a long-awaited merger with a cash-rich shell company, raising Trump’s wealth by billions and potentially providing him a fresh source of cash to pay his mounting legal bills.

In approving the merger, shareholders of Digital World Acquisition will become shareholders of Trump Media & Technology Group, which will trade on the stock market under the stock symbol DJT.

The deal will pump more than US$300 million (S$405 million) into Trump Media, which has all but exhausted its available cash and will allow Truth Social, the company’s flagship digital media platform, to keep operating.

Based on Digital World’s stock price of US$44 a share just before the vote announcement, Trump Media will debut with a market value of more than US$5 billion. That means Trump’s personal stake will be worth more than $3 billion.

Shares of Trump Media could begin trading under the new stock symbol as soon as next week.

The deal’s approval comes as Trump is facing a deadline on March 25 to cover a US$454 million penalty in a civil fraud case in New York.

He is restricted for six months from selling any of his shares or using them as collateral for a loan, although he could ask the board of the merged company to waive that rule for him.

Trump Media said in a statement before the vote that “the merger will enable Truth Social to enhance and expand our platform”. NYTIMES