According to a report by Forbes, the value of the "Trump Media and Technology Group", which was launched by former US President "Donald Trump" earlier this year, amounts to $10 billion.
The company plans to merge with special purpose acquisition company (SPAC), whose stock has jumped from $10 to $60 on average over the past month, buoyed by the news.
Forbes said if the stock continues to trade at $60, the current owners of Trump Corporation will receive 86 million shares as part of the deal, valued at $5.1 billion.
These owners are expected to receive an additional 40 million shares, worth $2.4 billion (based on share price this period) if the stock continues to trade above $30 over the month and a half after the merger. In total, that all adds up to $10 billion.
Trump Media and Technology Group plans to launch a social networking platform called TRUTH Social to compete with Twitter and Facebook.
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