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(Bloomberg) — President Donald Trump’s business empire was supposed to be in an unprecedented crisis Monday. Instead, it was the day when the former president’s wealth hit an all-time high.
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Facing a deadline to post more than $500 million in bail in a New York fraud case, a state appellate court threw him a lifeline, reducing the amount he must post to $175 million. This is the amount he plans to pay. Around the same time, Trump’s social media company, Trump Media & Technology Group, completed a 29-month merger process that officially meant billions of dollars worth of stock officially belonged to Trump.
In total, his net worth increased by more than $4 billion. This marks the first time in history that Trump has joined the Bloomberg Billionaires Index among the world’s 500 richest people, with his fortune at $6.5 billion.
“We have a great company and we are extremely honored,” Eric Trump, executive vice president of the Trump Organization, said in a statement.
Trump, 77, has been wealthy his entire life. But his fortune, which at its previous peak amounted to $3.1 billion, is largely made up of real estate, and there is a Monday deadline to pay the $454 million judgment or put up a bond of 120% of the judgment amount. A potential financial crisis is emerging. New York Attorney General Letitia James has indicated she is prepared to seize President Trump’s assets if he does not comply.
Read more: President Trump appeals NY fine, reduces bond 68% to $175 million
President Trump promised to immediately issue cash or bonds to cover the reduced amount. As it stands, the profits from the Trump Media-Digital World Acquisition Corporation merger cannot be converted into cash. That’s because his shares have been locked up for about six months.
DWAC stock closed Monday at $49.95, up about 185% since the beginning of the year. This makes Trump’s 58% stake in the company worth $3.9 billion. (Trading is expected to begin on Tuesday under the ticker DJT.)
The merger, which was completed after overcoming hurdles including an investigation and settlement with the U.S. Securities and Exchange Commission and last-minute lawsuits from executives and investors, means the stock will be included in Bloomberg’s calculation of Trump’s net worth. . Previously, his stock was valued at just $22.5 million, based on his latest financial disclosure form.
With his wealth revised, Trump, who is campaigning to return to the White House, is now worth more on paper than Joe Ricketts, Gordon Getty and Tony James, according to the Bloomberg Wealth Index. It is said that it will be almost the same.
(Updates with statement from Eric Trump in fourth paragraph. Numbers are based on closing stock prices.)
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