Trump Media's merger with DWAC gets regulatory nod

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The funding partner for Trump Media & Technology Group said it has received regulatory approval from securities regulators that will allow it to proceed with a long-delayed merger. The combination could provide former President Donald Trump with a stake worth almost $4 billion.

Digital World Acquisition Corp. (DWAC), a so-called special-purpose acquisition company, said Thursday in a statement that the Securities and Exchange Commission had signed off on its proposed merger with Trump Media. DWAC said it plans to announce within two days a date for shareholders to vote on the deal.

The SEC said it doesn't comment on individual issuers.

Clearing this regulatory hurdle amounts to a major win for Trump and his media business, which runs the conservative-leaning Truth Social platform. The merger has been in the works since October 2021, but had stalled because of regulatory concerns and other roadblocks.

The plan has been for DWAC to merge with Trump Media, providing the former president's fledgling business with capital to expand its operations. But as the merger process dragged on, DWAC returned hundreds of millions of financing commitments to investors.

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