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Trump’s net worth has increased by more than $4 billion in recent days to about $6.5 billion, according to Bloomberg, which tracks the world’s 500 richest people.
The bonanza was the result of a merger approved Friday between Trump’s social media company Trump Media & Technology Group and the shell company Digital World Acquisition Corp., known as DWAC.
Trump owns about 80 million shares, or about 58%, of Trump Media, which operates the social media site Truth Social. At DWAC’s Monday closing price of $49.95 per share, Trump’s stock is worth $4 billion on paper.
The newly combined social media company announced Tuesday that it will begin trading under the ticker symbol DJT.
DWAC stock rose in trading Monday after a New York appeals court reduced the amount of cash needed to acquire the bonds to avoid the former president having to immediately pay a $454 million civil fraud fine. It soared 35%.
Early Monday morning, President Trump appeared unable to come up with more than $550 million in bonds to block states’ efforts to seize real estate assets.
Shortly after 10 a.m., an appeals court ruled that Trump only had to post $175 million bail. The court also postponed the sentencing deadline for 10 days.
President Trump has said he has enough cash to cover the bond.
As a result of the media consolidation and adjusted bonds, the 77-year-old Trump was included on the Bloomberg Rich List for the first time in his life on Monday, the news organization said.
However, it is unclear whether his net worth will remain this high. President Trump has been prohibited from selling DWAC stock for six months, and the stock has a volatile history.
Trump Media’s revenue for the first nine months of 2023 was less than $3.5 million, and it posted a net loss of $49 million for the same period.
MSNBC’s Stephanie Ruhl on Friday described President Trump’s media company as a meme stock that relies heavily on one man.
Bloomberg said its estimate of Trump’s net worth was based on ethics disclosures required of presidential candidates, public documents related to major real estate holdings, and staff reports.
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