The X/DJT Merger Deal Book

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In truth, there’s no merger of X and DJT that makes any economic sense, not even close. But Musk is not a rational owner; he’s proven that with X already. Photo: Angela Weiss/AFP/Getty Images
William D. Cohan
November 13, 2024

One of the more interesting post-election fever dreams making the rounds on Wall Street involves X, formerly known as Twitter, and Trump Media & Technology Group, the publicly traded SPAC that merged with Donald Trump’s Truth Social and now trades under the symbol DJT, naturally. The idea is that the privately held X, owned largely by Trump’s new buddy Elon Musk, would merge with DJT, owned largely by the next president of the United States, as a way for X to go public. In theory, the merged public company’s value would soar, making both Trump, who owns around 60 percent of DJT, and Musk, the world’s richest man, even richer. Kara Swisher even mulled the possibility on a recent episode of Pivot.