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Make Donald Trump rich again.
Monday due to billions of dollars worth of stock acquired from Trump Media & Technology Group’s merger with Digital World Acquisition Corp. and a reduction in the bond the former president must post in a New York civil fraud lawsuit. Trump’s net worth has increased by more than $4 billion, and Trump has skyrocketed. He was included in the Bloomberg Billionaires Index’s 500 richest people in the world for the first time.
Trump increased his net worth by more than $4 billion to an estimated $6.5 billion.
This is a significant increase from his previous record of $3.1 billion, the majority of which came from his real estate holdings. Mr. Trump and his companies were accused in a civil fraud lawsuit of dramatically inflating the value of their holdings in order to obtain better loan and insurance terms.
Trump lost his case in February and was set to post bail of more than $500 million, but a state appeals court on Monday reduced that amount to $175 million.
“We have a great company and we are extremely honored,” Eric Trump, executive vice president of the Trump Organization, said in a statement to Bloomberg.
Trump’s ailing social media platform, Truth Social, which was founded after Trump was banned from major social media platforms in the wake of the January 6, 2021 Capitol riot, announced on Tuesday that The company plans to begin trading on the Nasdaq Stock Exchange under a ticker bearing his initials.
Truth Social’s parent company, Trump Media & Technology Group, will be replaced by Digital World Acquisition Corporation after completing a merger with a shell company that was already listed on the Nasdaq.
Digital World Acquisition Corporation’s stock soared 35% in regular trading Monday, rising $13.01 to close at $49.95, erasing losses from Friday when investors voted to approve the deal.
Truth Social’s parent company had a market value of about $5.5 billion when it began trading, and Trump’s stock is worth about $3 billion, at least on paper. The stock is included in Bloomberg’s calculation of Trump’s net worth.
This valuation is high for a company that has racked up tens of millions of dollars in losses since its founding in 2021. Social media company Reddit is valued at about $8 billion after its recent initial public offering. Last year’s sales exceeded $800 million. Trump Media’s Truth Social platform generated $3.3 million in revenue for him in the first nine months of 2023.
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