Former President Donald Trump could be in line for a 10-figure windfall just as the deadline nears for him to secure a $454 million bond on a civil fraud judgment he is appealing, according to reports.
Shareholders of Digital World Acquisition Corp. approved a merger with Trump's media company on Friday that will put $300 million into Trump Media & Technology Group and allow his cash-strapped Truth Social platform to keep operating, the Associated Press reported.
Trump Media will trade on the stock market under the DJT symbol.
The former president could also be in line for a substantial payout because he will own 79 million shares of the combined company, the report said.
Based on Digital World's closing stock price of $42.81 on Thursday, Trump's stake could exceed $3 billion. Trump faces a Monday deadline to come up with the bond to cover the civil fraud penalty in New York.
But even though the stock may begin trading next week, Trump, the presumptive Republican presidential nominee, will be unable to cash out immediately because of a "lock-up" provision that restricts company officials from selling shares for six months.
Trump could ask the board for a waiver so he could access some of his windfall, according to Business Insider.
Serving on the board are his son Donald Trump Jr., Linda McMahon, who headed the Small Business Administration in the Trump White House, and Kash Patel, a former member of Trump's National Security Council.
If Trump fails to secure the bond, or convince an appeals court to post a smaller amount or delay the payment until after his appeal, New York Secretary of State Letitia James is poised to seize some of his real estate properties that include 40 Wall Street, Trump Tower on Fifth Avenue and his hotel near Central Park.
