Connect with us

Hi, what are you looking for?

News

Trump’s Riches Skyrocket to $6.4 Billion Before Social Media Company’s Wall Street Launch

Trump’s Wealth Soars to Estimated $6.4 Billion ahead of Social-Media Company’s Wall Street Debut

Ahead of the much-anticipated Wall Street debut of his social-media venture, former President Donald Trump finds his wealth soaring to unprecedented heights.

According to Bloomberg, Trump’s net worth surged to an estimated $6.4 billion on the eve of the Nasdaq listing of Trump Media & Technology Group (TMTG) under the stock ticker “DJT.” This surge follows the completion of a $300 million merger between TMTG and Digital World Acquisition Corp., a Special Purpose Acquisition Company (SPAC) designed for mergers or acquisitions.

With the merger finalized, Trump now holds a significant equity stake in the venture. His ownership, pegged at approximately 60 percent, is valued at around $3 billion, with TMTG’s total valuation estimated at $5 billion, reports the Wall Street Journal. TMTG operates Truth Social, Trump’s much-discussed social media platform. Following the announcement, Digital World’s shares witnessed a notable 35 percent surge in value from its previous closing price.

Trump

Trump (Credits: CNBC)

Former Representative Devin Nunes (R., Calif.) is slated to continue as the CEO of TMTG upon its public debut, as per the company’s press release.

Nunes expressed the company’s commitment to their vision, stating, “As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors.” He added, “We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors. As we mark this milestone, I want to particularly thank Eric Swider for his unflagging dedication to our deal and our cause.”

This surge in wealth comes at a crucial time for Trump, as it is expected to enable him to fulfill the $175 million bond required for his New York civil fraud case. This bond reduced significantly from the original $464 million, was mandated by an appeals court ruling on Monday.

Trump

Trump (Credits: The New York Times)

Trump expressed his readiness to meet this financial obligation promptly, stating, “Greatly respect the decision of the appellate division,” and adding, “We’ll put up cash or bond very quickly.” Trump reiterated his commitment to posting the bond as he left the New York courtroom, clarifying that cash would serve as the collateral for the bond.

Prior to the appeals court’s decision, uncertainties loomed over Trump’s ability to post the bond within the stipulated timeframe, potentially posing risks to his business empire. New York Attorney General Letitia James (D) had indicated readiness to commence asset seizures if Trump failed to secure the full $464 million amount before the bond reduction.

With Trump’s business operations now in the hands of his sons, Don Jr. and Eric, the organization is authorized to seek loans from New York banks. This permission comes in the wake of a civil fraud judgment by Judge Arthur Engoron, which had previously barred Trump’s organization from accessing such loans for a three-year period.

Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

We’re dedicated to providing you the most authenticated news. We’re working to turn our passion for the political industry into a booming online news portal.

You May Also Like

News

Spoilers! The demon Akaza from Kimetsu no Yaiba dies in the eleventh arc of the manga and the one responsible for his death is...

Entertainment

Actress Emma D’Arcy is from the British rebellion. She has only appeared in a small number of movies and TV shows. It might be...

Entertainment

Jennifer Coolidge Is Pregnant: Jennifer Coolidge Audrey Coolidge is a comedian and actress from the United States. Many of her followers are wondering if...

News

Mark Zuckerberg, in a letter to Jim Jordan, the chair of the House Judiciary Committee, disclosed that he had to remove millions of posts...