Former President Donald J. Trump's media venture, including his prized platform Truth Social, has gone public through a merger, potentially increasing his wealth by billions of dollars and aiding in covering his mounting legal expenses. The merger, which values Trump Media & Technology Group at approximately $5 billion, will instantly double Trump's estimated net worth, primarily due to his ownership of over 60% of the company.

However, despite these gains being on paper, Trump may face challenges in converting them into cash, as the merger agreement imposes restrictions on major shareholders selling shares for at least six months. Nonetheless, given Trump's significant control over Trump Media and the expected majority representation of his allies on the board, these restrictions could potentially be waived upon his request.

The urgent need for cash arises from Trump's looming legal battles, particularly a $454 million penalty in a civil fraud case brought by the New York State attorney general. Failure to cover this penalty could result in the seizure of Trump's properties by the attorney general's office.

While Trump Media's board may be hesitant to allow early share sales to avoid deflating the company's stock price, lifting restrictions on using shares as collateral could help Trump secure a bond to cover legal costs without negatively impacting the stock price.

With Trump's eldest son, Donald Trump Jr., and former administration members on the board, Trump Media remains under Trump's influence, critical for the success of Truth Social, his primary platform for engaging with supporters.

Despite the promising market debut, there's uncertainty about Trump Media's future stock performance, with fluctuations potentially affecting Trump's net worth over time. Nonetheless, the merger marks a significant development, positioning Trump Media as a potential major revenue source for Trump, especially amid uncertainty surrounding his real estate business.

The merger between Digital World and Trump Media, proposed in October 2021, follows the trend of special purpose acquisition companies (SPACs) going public, with Trump Media joining other alt-right businesses catering to niche markets.

While Trump Media's revenue primarily comes from Truth Social, questions linger about its ability to attract broader advertisers, raising doubts about its long-term sustainability. Despite hurdles, the completion of the merger signifies a significant milestone for Trump and his supporters, celebrated online by shareholders and fans alike.