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WATCH:
According to Bloomberg, regulators monitoring the vote for Digital World Acquisition Corp. have decided to escrow the challenged stock in response to a protest from Patrick Orlando’s ARC Global Investments II.
ARC argued for a larger stake in the combined company and opposed to the suggested conversion rate for its founder’s investment. Orlando, the former CEO of Digital World, filed the lawsuit.
Citing the current escrow arrangement, Chancery judge Lori Will denied a plea to accelerate proceedings.
The possible financial benefit of the media merger for Donald Trump was previously covered by CNN.
The corporate venture follows an unusual New York legal lawsuit that awarded the former president damages of $350 million.
ALERT! Major Water Restrictions In Effect!
In February, Judge Arthur Engoron issued an order requiring Donald Trump to pay the enormous sum and barring Trump from “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years.”
A Trump venture called Truth Social faces major obstacles but has potential if it “goes public.” Its 2022 valuation was above $700 million, but it is now worth less than $100 million.
If that happens, Trump may own a $4 billion investment in Truth Social.
