Trump Media's SPAC Merger Agreement: Audit finding

Reporting and findings

1. documented

   The 2021 agreement created a public-market route for Trump's media company and later closed in 2024; the agreement did not guarantee the value of any shareholder's stake.

   • U.S. Securities and Exchange Commission: TMTG and Digital World announce merger agreementOpening transaction announcement
   • U.S. Securities and Exchange Commission: Trump Media 2025 Form 10-QMerger note describing the October 20, 2021 agreement and share consideration
   • U.S. Securities and Exchange Commission: Digital World and TMTG announce completion of business combinationOpening two paragraphs
   • U.S. Securities and Exchange Commission: Trump Media 2024 Form 10-KRisk Factors concerning President Trump, control, volatility, and operating history
   • Associated Press: Wall Street debut of Trump Truth Social network could give him stock worth billions on paperMerger mechanics, ownership, and investor-risk discussion