The company behind the platform, Trump Media & Technology, has long been engaged in a battle to enter the stock market through a "blank check" merger with Digital World Acquisition, a shell company.

After persistent efforts, the merger finally materialized on Friday morning as shareholders in Digital World voted in favor of the union. Despite the lackluster performance of Truth Social since its launch in 2021, generating only about $5 million in sales, Trump's supporters rallied together, boosting the shares in Digital World by a staggering 145% since the beginning of the year, pushing its value to approximately $6 billion.

Following the successful merger, the company will now trade on the stock market as Trump Media & Technology Group, using the stock ticker symbol "DJT" - Trump's initials. Prior to the announcement, Digital World's stock price stood at $44, indicating that the newly formed company will debut with a value exceeding $5 billion. According to reports, Trump's ownership in the consolidated business amounts to 79 million shares, which translates to a paper fortune of around $3 billion. However, it is important to note that Trump will not be able to immediately cash in his stake, as key shareholders are restricted from selling their stocks for six months following the merger.

This news emerges at a time when Trump is facing financial pressures as he works towards regaining the presidency from Joe Biden in the upcoming elections in November. In a recent civil fraud case, a New York judge ordered Trump to pay $454 million, a task that his legal team has claimed to be practically impossible after being turned down by 30 surety companies.

Digital World Acquisition has gained prominence as a "meme stock," buoyed by internet memes shared on platforms including Truth Social, which encourage retail investors to invest in it. The shell company initially announced its plans to merge with Trump's digital media firm back in 2021 but has faced several legal obstacles along the way.

Special purpose acquisition companies, commonly known as SPACs, raise funds through initial public offerings from investors and subsequently search for a company to take public. Once a SPAC identifies a suitable target and agrees on the terms, it absorbs the business and facilitates its entry into the stock market, allowing investors in both companies to reap the benefits. However, original investors in the SPAC have the option to withdraw their investment if they are dissatisfied with the merger deal.

Julian Klymochko, the founder and CEO of an SPAC-focused fund at Accelerate Financial Technologies, attributes the rise in the price of Digital World stock to factors beyond the underlying fundamentals. Klymochko notes that Truth Social has not gained significant traction and has effectively become a "meme stock" that serves as a speculative tool for betting on Trump's chances of winning the election. He cites an example where the shares of Digital World soared 88% when Ron DeSantis, the governor of Florida, withdrew from the Republican presidential candidate race on January 22.

With the successful public offering and valuation of Trump Media & Technology Group, the attention now turns to the performance of Truth Social and its potential growth in the highly competitive social media landscape. As Trump sets his sights on the presidency once again, the financial outcome of this venture may play a crucial role in his future endeavors.