Former President Donald Trump has just secured a massive financial windfall and increased his net worth tremendously.
Trump Media & Technology Group, the owner of Truth Social, has finalized a deal to go public which will give the former president $4 billion, increasing his net worth to $6.5 billion, per Bloomberg’s Top 500 Richest, CNN reported.
In the past week President Joe Biden has mocked the former president for being “poor” as have the anti-Trump faction on X, formerly Twitter, who have trended #DonPoorleone and #TrumpIsBroke.
“The closing of the merger between Trump Media and Digital World Acquisition Corp. amounts to a multi-billion dollar windfall for Trump, who is the chairman and dominant shareholder of the new company,” the CNN report said.
“News of the merger’s completion propelled shares of Digital World up 21%. Buying continued Monday afternoon, boosting Digital World 39% higher on the day to around $51. At current prices, Trump’s stake is valued at about $4 billion. However, there are lock-up restrictions that would likely prevent Trump from selling or even borrowing against the value of that stock for months,” it said.
“Trading of the new company under the ticker symbol ‘DJT’ on the Nasdaq Stock Market is set to begin on Tuesday, the companies said,” it said.
The CEO of the new company, former Republican Rep. Devin Nunes, celebrated the new company saying that it will “reclaim the Internet from Big Tech censors.”
“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,” he said.
Fans of the former President celebrated the news on X.
“Racist and Corrupt Letitia James is having a bad day. Trump’s Net Worth Hits $6.4 Billion today! Making Him One of World’s 500 Richest People The New York appeals court lowered Trumps bond to $175 million. This Racist piece of Sh*** should be disbarred, charged with a Hate Crime , Extortion & Abuse of Power. Judge Engoron should be charged too!” Terrance K. Williams said.
“In case you didn’t hear, Trump’s net worth just hit $6.4 billion – making him one of the world’s 500 richest people,” Ryan Fournier said.
“Trump’s net worth jumped to $6.4 billion today… According to the New York courts, he could buy roughly 360 more Mar-a-Lagos for that,” Tim Young said.
