TL;DR, these earnout shares are for the shareholders of TMTG, pre-merger. Those would be the people putting up the initial stake and the execs getting this thing off the ground.
There are targets to hit relating to the stock price, and are payable after 3 years... it's an incentive to drive the company's value, not a freebie to us acolytes.
Adding a correction to every comment and then deleting--- my post is an error! Here is what another commenter posted:
Hol' up, hoss. These 40M shares are not for us.
Sauce: https://www.sec.gov/Archives/edgar/data/1849635/000119312521308146/d230221d8k.htm
TL;DR, these earnout shares are for the shareholders of TMTG, pre-merger. Those would be the people putting up the initial stake and the execs getting this thing off the ground.
There are targets to hit relating to the stock price, and are payable after 3 years... it's an incentive to drive the company's value, not a freebie to us acolytes.
Aw shucks, thanks for updating!