As former President Donald Trump struggles to post his $464 million bond in the New York civil fraud case, Truth Social going public looked like it might have been his saving grace.

Except he won’t be able to turn his shares into cash for six months, and his bond is due Monday. 

Investors signed off on a deal that allowed the former president’s social media company, which operates Truth Social, to be traded publicly on the stock market. Trump’s estimated $3 billion he stands to make is tied up, however, in a “lock up agreement,” which is a normal safety measure to ensure investors don’t immediately jump ship on a company that goes public and drives stock prices down. 

“It’s simply trading on Trump’s name,” Kristi Marvin, founder of SPACInsider, a research firm, told Politico. “People aren’t buying this because they like the fundamentals — they’re buying this because they like Trump.”

Trump could try to exempt himself from the trading rule, but he still would be limited to only being able to sell “up to 1 percent of the outstanding shares every quarter.” He could try to get a loan from a bank to pay back the money from the company once he is able to sell, but that loan would likely be far less than he needs to post his bond.

In the deal, Trump Media & Technology Group would go public via a purchase from Digital World Acquisition Corp, an SPAC or a company whose sole purpose is to buy a private company and make it public. 

Investors approved the merger Friday morning, which will put the company on the publicly traded NASDAQ under the ticker DJT. Trump will own at least 58% of the company, valued at about $3 billion. Trump is expected to become chairman of the board of the new entity.

While Trump said he would divest his interest in the company because he is running for president, Trump Media & Technology Group said their “success depends in part on the popularity of its brand and the reputation and popularity of its Chairman, President Donald J. Trump.” 

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Some predict the value of the shares will fall once the company goes public, as many companies do. Trump will need to hold his stock for the majority of the remainder of the year before he is able to sell. 

“By the time Trump is able to start selling his shares, I doubt they will be worth much,” Brian Quinn, a law professor at Boston College, told Politico. “Certainly less than his present requirements.”