GOP frontrunner Donald Trump joined the 500 richest people on the Bloomberg Billionaires Index for the first time following news of the approval of the merger between Truth Social and Digital World Acquisition Corp. At the same time, Truth Social parent company Trump Media has officially gone public.
Trump’s net worth is now estimated to be $6.5 billion. “We have a great company and are incredibly honored,” said Eric Trump, executive vice president of the Trump Organization, in a statement.
The merger between Truth Social and the special-purpose acquisition company (SPAC) has allowed Trump Media & Technology Group to make an initial public offering (IPO) on the NASDAQ, and with Trump owning 58 percent of the new company for a $4 billion stake, Trump has effectively jumpstarted his net wealth. DWAC shares closed at $49.95 on Monday, up 185 percent since the beginning of 2024.
According to the Bloomberg Wealth Index, Trump now equals TD Ameritrade founder Joe Ricketts and investment banker Tony James.
Trump joins Bloomberg’s 500 wealthiest after Truth Social merger https://t.co/TdC53lEypu
— The Hill (@thehill) March 26, 2024
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The share price of Trump Media increased by 50 percent minutes after it went live on Tuesday morning under the ticker “DJT.”
As Valuetainment previously reported, shares for Digital World increased by 16 percent on February 15th following the initial approval of the merger from the SEC. A reporter for Reuters suggested that the investors were fans of the former president and were knowingly investing in a company experiencing losses out of dedication to his political cause.
On Monday, Trump was set to take the biggest financial blow of his career, as it was the deadline for his $464 million civil fraud penalty and he was at risk of having his properties seized to cover the penalty during the appeals process. But at the last minute, a New York appeals court reduced the bond payment to $175 million, thereby preventing the “fire sale” of his real estate assets. They also ruled he had an additional 10 days to post the bond before New York Attorney General Letitia James could begin seizing assets.
Instead of losing everything, his net worth experienced its single-greatest day on record, with the 29-month merger process coming to a successful conclusion. The billions of dollars worth of shares of Trump Media & Technology group are officially possessed by Trump, meaning his wealth increased by over $4 billion.
Shane Devine is a writer covering politics, economics, and culture for Valuetainment. Follow Shane on X (Twitter).
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