In a surprising turn of events, the Securities and Exchange Commission (SEC) has given its stamp of approval to the long-awaited merger between Trump Media & Technology Group and Digital World Acquisition Corp. This significant milestone brings Donald Trump's media venture one step closer to going public and trading on Wall Street.

The merger, which has faced numerous obstacles over the past two years, now awaits final approval from investors. Once obtained, Trump Media will join the ranks of thousands of other public companies in the United States. The deal has the potential to inject around $300 million into the company, primarily supporting the operations of Truth Social, Trump's own social media platform.

For Trump himself, the merger offers a major stake in the company, cementing his involvement in the next phase of his business endeavors. The news of the SEC's approval has injected renewed hope into Trump's future in business, particularly as his campaign against President Joe Biden gains momentum.

The approval from the SEC came as a surprise, considering the hurdles the deal faced, including a settlement last year with Digital World over disclosure issues, which involved payment of $18 million. Despite these challenges, the deal managed to survive, much to the disbelief of observers like Julian Klymochko, CEO of Accelerate Financial Technologies.

Shares in Digital World Acquisition Corp., or DWAC, soared over 25 percent following the announcement of the SEC's green light on Thursday.

The final shareholder vote on the merger is expected to take place in the coming days, with the consolidation set to begin as early as next month. Notably, Trump Media's new board would include Donald Trump Jr., former U.S. Trade Representative Robert Lighthizer, and former head of the Small Business Administration Linda McMahon.

However, as Trump Media enters the public markets, it faces new scrutiny from regulators, investors, and the public. The success of the company is intrinsically tied to Donald Trump's own reputation, which introduces a level of uncertainty given his ongoing legal challenges. A New York judge recently announced that Trump's first criminal trial will commence on March 25.

Additionally, Trump Media acknowledged the need to attract millions of users to its platform. External surveys have indicated muted interest among voters, including Republicans, in using a social platform associated with Trump. If Trump's popularity wanes or if controversies damage his credibility, it could adversely affect the company's operations and financial performance.

Despite these risks, investors remain intrigued by Trump Media, primarily due to the allure of the Trump brand. The association with the former president continues to generate hype and trading activity, as noted by Usha Rodrigues, a law professor at the University of Georgia.

If the merger successfully concludes, Trump will become the largest investor in the combined company, holding over 78 million shares, potentially amounting to 69 percent of the outstanding stock. However, there will be a lock-up period preventing Trump from selling his shares for several months after the deal closes.

With the SEC's approval, Trump Media is now on the cusp of venturing into public trading, an exciting development that brings both opportunities and challenges for the media and technology company. Investors eagerly await the results of the final shareholder vote and the subsequent trading debut of Trump Media on the stock market.