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 (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 (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.
