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Former President Donald Trump could add an additional $3 billion to his net worth as his social media company is about to merge with another company and go public.
Digital World Acquisition Corporation shareholders voted to approve a merger with Trump Media & Technology Group, the private company that owns Trump's social media platform Truth Social.
The final approval could come as early as next week. Once the merger is approved, the new company could begin being publicly traded next week under the ticker DJT, which is Donald Trump's initials.
Once the merger is complete, Trump will have roughly 80 million shares of the newly created company, which could be worth at least $3 billion.
The stock options will not help him, though, as he struggles to secure a $545 million bond to appeal the verdict in his civil fraud trial in New York City.
"President Trump won't be able to monetize that stake right away," Matthew Kennedy, senior initial public offering market strategist at Renaissance Capital, told CNN.
Under the terms of the deal, Trump cannot sell shares in the company for six months.
By then, the stock price could be much lower.
"The stock price is clearly a bubble," Yale law professor Jonathan Macey told CNN. "No rational investor would take the stock at face value, especially if they had to hold it for any length of time."
Truth Social is bleeding users, and Trump Media & Technology Group lost $26 million in the third quarter, with revenues of just $1.1 million.