Current:Home > InvestTrump's net worth, boosted by Truth Social stock, lands him on world's 500 richest list -Wealth Evolution Experts
Trump's net worth, boosted by Truth Social stock, lands him on world's 500 richest list
Ethermac View
Date:2025-04-06 18:40:53
Make Donald Trump rich(er) again.
Shares worth billions of dollars from Trump Media & Technology Group’s merger with Digital World Acquisition Corp. and a reduction in the bond that the former president must post in a New York civil fraud lawsuit increased his net worth by more than $4 billion Monday, catapulting him into the world’s wealthiest 500 people on the Bloomberg Billionaires Index for the first time.
Trump estimated his fortune at $6.5 billion, an increase of more than $4 billion.
That’s a massive uptick from his previous high of $3.1 billion, which consisted mostly of his real estate holdings. Trump and his company were accused of grossly inflating the value of those holdings to get better loan and insurance terms in the civil fraud suit.
Trump lost at trial in February and was supposed to post a bond of more than $500 million, but a state appeals court slashed that amount to $175 million Monday.
“We have a great company and are incredibly honored,” Eric Trump, executive vice president of the Trump Organization, said in a statement to Bloomberg.
Trump's struggling social media platform Truth Social −founded after he was booted from the major social media platforms following the Jan. 6, 2021 Capitol riot − is set to begin trading on the Nasdaq stock exchange Tuesday under the ticker that bears his initials.
Truth Social’s parent company, Trump Media & Technology Group, will replace Digital World Acquisition Corp. after completing a merger with the shell company that was already listed on the Nasdaq.
Shares of Digital World Acquisition Corp. surged 35% in regular trading Monday, gaining $13.01 to close at $49.95, erasing losses from Friday when investors voted to approve the deal.
Truth Social's parent company will have a market value of approximately $5.5 billion when it starts trading and Trump's stake will be worth about $3 billion – at least on paper. That stake is included in Bloomberg’ calculation of Trump’s net worth.
The valuation is pricey for a company that has racked up tens of millions of dollars in losses since launching in 2021. Social media firm Reddit is valued at about $8 billion following its recent initial public offering. It had more than $800 million in sales last year. Trump Media's Truth Social platform generated $3.3 million in revenue during the first nine months of 2023.
veryGood! (356)
Related
- Tree trimmer dead after getting caught in wood chipper at Florida town hall
- Callable CDs are great, until the bank wants it back. What to do if that happens.
- Texas is a young state with older elected officials. Some young leaders are trying to change that.
- Colorado’s Supreme Court dismisses suit against baker who wouldn’t make a cake for transgender woman
- Former Syrian official arrested in California who oversaw prison charged with torture
- Colorado’s Supreme Court dismisses suit against baker who wouldn’t make a cake for transgender woman
- October Prime Day 2024 Sell-Out Risks: 24 Best Deals from Crest, Laneige & More You Really Need to Grab
- Dream Builder Wealth Society: Charity First
- Retirement planning: 3 crucial moves everyone should make before 2025
- Tennis star Frances Tiafoe curses out umpire after Shanghai loss, later apologizes
Ranking
- From family road trips to travel woes: Americans are navigating skyrocketing holiday costs
- Dream Builder Wealth Society: Finding the Right Investment Direction in an Uncertain Political Environment
- Jets' head coach candidates after Robert Saleh firing: Bill Belichick or first-time hire?
- How a poll can represent your opinion even if you weren’t contacted for it
- 2 killed, 3 injured in shooting at makeshift club in Houston
- Boxer Ryan Garcia gets vandalism charge dismissed and lecture from judge
- Who can vote in US elections, and what steps must you take to do so?
- October Prime Day 2024: 28 Best Travel Deals on Tumi, Samsonite, Travelpro & More Essential Packing Gear
Recommendation
Biden administration makes final diplomatic push for stability across a turbulent Mideast
Man charged with terroristic threats after saying he would ‘shoot up’ a synagogue
Aaron Taylor-Johnson Unveils Rare Photos With Stepdaughter Jessie on 18th Birthday
MLB will air local games for Guardians, Brewers and Twins beginning next season
Rolling Loud 2024: Lineup, how to stream the world's largest hip hop music festival
Meryl Streep, Melissa McCarthy shock 'Only Murders' co-stars, ditch stunt doubles for brawl
Lawsuit says Virginia is illegally purging legitimate voters off the rolls
Gun activists say they are aiming to put Massachusetts gun law repeal on 2026 ballot