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Posted: 2024-03-22T11:29:43Z | Updated: 2024-03-22T16:13:38Z

NEW YORK (AP) Donald Trump is returning to the stock market.

Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the former presidents media business in a Friday vote. That means Trump Media & Technology Group, whose flagship product is social networking site Truth Social , will soon begin trading on the Nasdaq stock market.

Trump could receive a sizeable payout in the process. He would own most of the combined company or nearly 79 million shares. Multiply that by Digital Worlds closing stock price Thursday of $42.81, and the total value of Trumps stake could surpass $3 billion. The shares did fall 6% after the merger approval was disclosed.

The deal receives a greenlight at a time the presumptive Republican presidential nominee is facing his most costly legal battle to date: a $454 million judgment in a fraud lawsuit.

But Trump wont be able to cash out the deals windfall immediately, unless some things change, due to a lock-up provision that prevents company insiders from selling newly issued shares for six months.

Trumps presidential campaign did not immediately respond to request for comment.