Trump about to hit the jackpot with Truth Social – but that won't save him from ruin
Raw StoryFormer President Donald Trump is about to hit the jackpot with Truth Social, but he might not be able to use that windfall to save himself from his financial crunch. Investors are expected to approve an agreement Friday to take Trump Media & Technology Group public, which would set up a multibillion-dollar payout for the former president, but his stake in the company that operates Truth Social would be locked down for most of the year to prevent shares from tanking, reported Politico. “People aren’t buying this because they like the fundamentals — they’re buying this because they like Trump.” Trump's stake would be frozen under what's known as a lock-up agreement, which prevents insiders from selling off their shares just as a company goes public, and even if he obtained a waiver the former president couldn't sell more than about 1 percent of his outstanding shares every quarter. The ex-president must hold onto his shares for six months and ride out impulsive “MAGA meme stock investors,” said Boston College law professor Brian Quinn.