Trump Media & Technology Group’s Successful Listing Places Ex-President Among The World’s 500 Richest People
This financial boost is primarily attributed to the successful listing of his social media company, Trump Media & Technology Group (NASDAQ:DJT).
What Happened: Trump’s net worth has increased by over $4 billion. The recent completion of a 29-month merger process has made Trump the owner of shares worth billions. Despite facing a potential financial crisis due to a $454 million verdict in a New York fraud lawsuit, his net worth is now estimated at $6.5 billion, reported Bloomberg.
Previously, Trump’s fortune, which peaked at $3.1 billion, was primarily tied to real estate properties. However, the recent merger and listing of Trump Media & Technology Group have significantly diversified his wealth.
Why It Matters: Shares of Digital World Acquisition Corp, the company that merged with Trump Media, closed at $49.95 on Monday, marking an increase of about 185% since the start of the year. This surge in value places Trump’s 58% stake in the company at an estimated $3.9 billion, according to Bloomberg.
On Tuesday, the shares of the merged entity, Trump Media & Technology Group, shot up 16.1% higher at $57.99, according to data Pro. In the after-hours trading, the shares were up nearly 5.6% at the time of writing. This gave another significant boost to the ex-president’s wealth.
The successful listing of Trump Media & Technology Group comes after a series of setbacks, including shareholder vote delays, investigations, and legal action against Trump by the co-founders of TMTG over dilution.
The company’s business combination with Digital World was approved by shareholders last week, and it began trading on the Nasdaq on Tuesday, as per another Benzinga report.
Interestingly, Trump’s decision to list his company on the Nasdaq, instead of the New York Stock Exchange (NYSE), has drawn attention. Trump claimed to have bypassed the NYSE due to the alleged harsh treatment of businesses in New York, a statement that has been scrutinized given that the Nasdaq is also based in New York and falls under the same laws and regulations, as reported by Benzinga.
Photo: Evan El-Amin/Shutterstock
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