Donald Trump's Truth Social is set to merge with Digital World Acquisition just months ahead of the 2024 Elections.
Digital World, a blank check acquisition firm, received approval from the Securities and Exchange Commission for its merger with Trump Media & Technology Group.
Trump will retain at least 58% of the company.
Reuters earlier reported that the acquisition deal cost nearly $50 million, according to people familiar with the deal.
No details on what the merger will entail for Truth Social aside from plans to "accelerate our work to build a free speech highway outside the stifling stranglehold of Big Tech."
Effect of Merger to Trump Campaign
A big question that follows the merger is how it will affect Trump's chances at the upcoming 2024 Elections.
Trump is currently trying for another run for presidency with President Joe Biden his biggest contender at the moment.
While Biden has been expanding his online presence across different social media, Trump's online presence is relatively contained on Truth Social where he regularly receives thousands of engagements.
It remains uncertain if the merger will propel Trump's reach on the digital scape. As of writing, most users on Truth Social are part of the 6.61 million followers of Trump.
Recent reports estimated Truth Social has 2 million monthly users, half of the active monthly users on Bluesky that just opened to the public in February.
Related Article : How to Spot Election 'Fake News' on Social Media
Digital World's History with SEC
Before announcing its merger with TMTG, Digital World was previously reported for facing troubles from state agencies.
It also became part of the Department of Justice and the SEC investigations following the ousting of Trump in January 2021.
Digital World first opened possibilities of a merger with Trump's company in October of the same year.
And just last July, the company was fined $18 million by the SEC for supposedly misleading investigators about its deal with Trump and his company.
