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Donald Trump to Retain the Ownership of his Newly Launched Social Media Venture
28 Oct, 2021 / 12:03 pm / Reeny Joseph

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Former US President Donald Trump will be able to retain the ownership of his newly launched social media venture even if he chooses to make another White House run or is convicted by prosecutors who are looking into his business dealings.

Trump said last week that TRUTH Social would be created through a new company formed by a merger of the Trump Media and Technology Group (TMTG) and blank-check firm Digital World Acquisition Corp.

According to regulatory filings issued, Trump was referred to as the "company principal," even though the exact size of his stake in the company was not disclosed.

However, the former president is set to keep his ownership in TMTG, even if the company faces a "material disruptive event" - the latest filings include a clause that is designed to shield his stake.

"In order to maximize business continuity and to minimize, mitigate, or eliminate any negative impacts on the Company from a Material Disruptive Event, the Company Principal's ownership and position in the Company shall be structured in such a way as to eliminate the need for restructuring of ownership or changes in position were a Material Disruptive Event to occur," according to the filing.

Since Trump was voted out of office in the last presidential elections in 2020, he has repeatedly dropped hints that he might seek the presidency for a third time in 2024.

Trump and his business interests are also the subject of numerous investigations from US authorities - in June, Trump's namesake company and its chief financial officer were indicted, the first charges to arise from a more than two-year probe by New York prosecutors of Trump and his business dealings, Reuters reported.