45th President Donald Trump’s fortune soared to new heights, surpassing $6 billion on Monday following the completion of a lengthy merger process by his social media company, Trump Media & Technology Group (TMTG).
TMTG finalized the merger on Monday, paving the way for shares of the newly formed entity to be traded on the Nasdaq under the fresh ticker symbol DJT starting Tuesday, according to a report by John Carney of Breitbart News.
Trump, who retains over 60 percent ownership of TMTG, stands to gain substantially from the transaction. With his anticipated ownership stake in the merged company projected to be around 58 percent, his wealth could swell to approximately $3 billion based on recent market valuations.
However, Trump’s shares are currently subject to a six-month lock-up period, prohibiting their sale or use as collateral for loans. Although standard in many initial public offerings and SPAC deals, the company’s board retains the authority to waive this restriction, potentially allowing Trump to utilize his shares to secure an appeal bond in the ongoing fraud case against him in New York.
The successful merger and resultant rise in stock price catapulted the 45th President onto Bloomberg’s esteemed list of the world’s 500 wealthiest individuals, with his net worth estimated at $6.4 billion, as reported by Bloomberg.
This financial milestone for Trump arrives amidst significant legal battles. He has been slapped with substantial fines in two separate cases, including a hefty sum exceeding $355 million in the New York civil fraud case and $83.3 million in E. Jean Carroll’s defamation suit against him.
Additionally, Trump faces the obligation of posting a $175 million bond within the next ten days to contest a civil fraud judgment amounting to $464 million, as decreed by a New York appeals court on Monday. Trump assured reporters that he would promptly secure the bond with cash.
Expressing gratitude for the appellate division’s swift action, Trump condemned Judge Engoron, characterizing him as a “disgrace to this country” and deeming the ruling unacceptable. Trump attributed the legal challenges he faces to alleged election interference orchestrated by the Biden administration, claiming it to be a ploy to undermine his political influence.