Former U.S. President Donald Trump's new social media venture has delivered a potential windfall of $420 million. Patrick Orlando's stake in Digital World Acquisition Corp was worth $423 million on Thursday. Orlando is set to receive the windfall because the deal entitles him to additional compensation. Digital World shares ended trading on Wednesday up 357% after the deal was announced, giving the firm a market value of close to $1.5 billion. Orlando worked in Peru's biofuel industry and for a U.S. sugar trading company before trying his hand at special purpose acquisition companies (SPACs) Trump Media said it would receive $293 million in cash that Digital World had in a trust if no shareholder of the acquisition firm chose to cash in their shares. The company said it planned a trial version of its social media app next month and a full roll-out in the first quarter of 2022.
Posted by ashcrofts