SEC approves Truth Social merger, bringing Trump back to Wall Street

The Securities and Exchange Commission (SEC) on Wednesday approved a merger between Digital World Acquisition Corp. (DWAC) and former President Donald Trump's Media & Technology Group (TMTG), paving the way for the merged company's stock to be traded on Wall Street.

TMTG owns Truth Social, the social media platform owned and primarily used by Trump.

DWAC shares surged to $40 at the news and reached $50 by Friday morning.

The board of DWAC needs to approve the merger formally but is expected to do so since the shares are only worth around $10 without it.

Trump will own the majority of shares, with their value sitting at around $4 billion on paper (the two companies have very few actual assets to make up that worth).

The two companies have been trying to merge since 2021, but the SEC slowed those plans down with investigations into both entities to make sure things were on the up and up.