Trump’s net worth reportedly soars to $6.5 billion after media company stock jumps

Trump’s net worth reportedly soars to $6.5 billion after media company stock jumps
Trump’s net worth reportedly soars to $6.5 billion after media company stock jumps

Trump’s net worth has recently shot up by more than $4 billion, bringing his current total to about $6.5 billion, according to Bloomberg, which tracks the 500 wealthiest people in the world.

Trump’s social media company, Trump Media & Technology Group, completed a merger with a shell company, DWAC. A New York appeals court dramatically lowered the amount of cash Trump needs to get a bond, which will save him from having to pay a $454 million civil fraud penalty immediately.

On Monday afternoon, Trump was richer than he had ever been. According to Bloomberg, which tracks the 500 wealthiest people in the world, Trump’s net worth shot up by more than $4 billion in recent days to about $6.5 billion.

The bonanza resulted from a merger approved Friday between Trump’s social media company, Trump Media & Technology Group, and a shell company, Digital World Acquisition Corp., known as DWAC.

Trump owns nearly 80 million shares, or roughly 58%, of Trump media, which operates his social media site Truth Social. At DWAC’s closing price Monday of $49.95, Trump’s stock was worth $4 billion on paper.

The newly merged social media company said it will begin trading Tuesday under the DJT ticker.

DWAC’s share price soared 35% in Monday trading, after a New York appeals court slashed the amount of cash the former president needs to get a bond saving him from having to immediately pay a $454 million civil fraud penalty.

Early Monday, Trump appeared to be unable to put up the more than $550 million to secure a bond that would stop the state from moving to seize his real estate assets.
 
Shortly after 10 a.m., an appeals court ruled that Trump only needed to post a $175 million bond. The court also paused the judgment from coming due for 10 days.
Donald Trump President of USA
President Donald
 

Trump says he has the cash to cover that bond. According to the news outlet, the media merger and the adjusted bond resulted in Trump, 77, being included in the Bloomberg Billionaires Index on Monday for the first time in his life.

It’s unclear whether his wealth will stay this high, however. Trump is barred from selling his DWAC shares for six months, and the stock has a volatile share price history.

Trump Media brought in less than $3.5 million in revenue in the first nine months of 2023 while posting a $49 million net loss in the same period.

On Friday, MSNBC’s Stephanie Ruhle described Trump’s media company as a meme stock largely dependent on one man.

Bloomberg said its estimate of Trump’s net worth was based on ethics disclosures required for presidential candidates, public filings tied to key real estate holdings and staff reporting.