Former U.S. President Donald Trump will be able to keep ownership of his newly launched social media venture, even if he chooses to run for the White House again or is convicted by prosecutors scrutinizing his business dealings.
Trump said last week that Truth Social would be created by a new company formed by the merger of Trump Media and Technology Group and Digital World Acquisition Corp.
According to regulatory filings released late Tuesday, Trump has been referred to as the “manager of the company”, although the exact size of his stake in it hasn’t been disclosed.
However, the former US president is set to retain his ownership in Trump’s media and technology group, even if the company faces a “major crippling event”, and the company’s most recent papers include a provision to protect his stake.
According to the files, “in order to maximize business continuity and reduce, mitigate or remove any negative effects on the company as a result of any event that causes a major disruption, the company manager’s ownership and position in it must be structured in a way that eliminates the need for a restructuring of ownership or events Changes in legal positions in the event of any major disruption”.
Since Trump left office following the last presidential election in 2020, the former president has repeated hints that he might run for president in the 2024 election.
Trump and his commercial interests are also subject to numerous investigations by the US authorities.
Reuters reported in June that the Trump company that bears his name and its chief financial officer have been charged, the first charges that emerged after a more than two-year investigation by New York prosecutors into Trump and his business dealings.
According to the latest regulatory filings, Digital World Acquisition Corp, has highlighted the risks of being linked to the Trump Corporation.
Earlier this October, Reuters reported that the merger with Trump Media and Technology Group brought an unexpected gain of $420 million to Digital World Acquisition Corp’s main backer, Patrick Orlando.