Judge Clears Way for Trump Media to Hold Merger Vote

Source: Bloomberg

March 9, 2024 at 1:23 PM EST


A Delaware judge won’t stand in the way of a March 22 shareholder vote on a merger involving Trump Media & Technology Group that may provide a $4 billion windfall for former President Donald Trump.

Delaware Chancery Court Judge Sam Glasscock III said Saturday he wouldn’t hold up the vote because of complaints by Trump Media co-founders Andy Litinsky and Wes Moss that the former president seeks to dilute their 8.6% stake in the business as part of the merger.

Litinsky and Moss — ex-contestants on Trump’s TV show The Apprentice who joined forces with him to form Trump Media — allege the former president wants to increase the amount of shares in Trump Media to water down their stake and potentially generate billions to pay off legal judgments.

Glasscock declined to hold a hearing on the challenged merger before the March 22 vote because if Trump agrees to put the extra shares in an escrow account during the dispute, then “maybe the whole thing will go away,” he noted in a Zoom call.

Read more: https://www.bloomberg.com/news/articles/2024-03-09/judge-clears-way-for-trump-media-to-hold-merger-vote