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Despite dealing with a number of legal issues in New York, President Trump continues to get richer.
President Trump recently received a boost in wealth thanks to his public company, Trump Media & Technology.
Forbes updated their list of billionaires net worth’s and President Trump’s went from $2.2 Billion dollars to $5.1 Billion dollars because of his ownership of Truth Social. pic.twitter.com/mIhNm9jwSF
— The TRUMP PAGE
(@MichaelDeLauzon) April 29, 2024
The company’s main asset is the social media platform Truth Social.
CBS News adds more on the story:
The company awarded Trump an additional 36 million shares as an “earnout” bonus for the stock staying above $17.50 a share for any 20 trading days within a 30-trading day period, according to a Tuesday regulatory filing.
Since going public in late March, Trump Media has been on a bumpy road, with the stock initially surging to a peak of $79.38 per share, followed by a weekslong slide that spurred CEO Devin Nunes to accuse some investors of manipulating the stock through an illegal type of short selling.
But since last Monday, the stock has surged 43%, regaining some of that lost ground. Shares on Tuesday rose $3.24, or 7%, to $49.93.
President Trump now controls 114.75 million shares of Trump Media, which values his stake at $5.7 billion.
Bloomberg Billionaires Index adds more on President Trump’s shares:
Trump owns 114.75 million shares in social media company Trump Media and Technology Group, according to the February 2024 S-4/A filing of its special purpose acquisition company Digital World Acquisition Company. That includes 36 million earnout shares added on April 23, 2024, causing a $1.2 billion jump in Trump’s net worth.
Unfortunately, President Trump will not be able to enjoy his new cash flow due to the lockup period.
President Trump and other Trump Media executives are unable to sell their shares for an additional five months.
The lockup period is common for newly listed companies as it prevents insiders from selling their stakes shortly after the company goes public, causing the stock to sink drastically.
Many people have taken to X to voice their reactions of the news:
Former President Donald Trump’s net worth soared by another $1.8 billion on Tuesday as a result of the continued success of the Trump Media & Technology Group, which trades under the ticker “DJT.”
NYC judge
fines Trump $9K
pic.twitter.com/MFK4Yw9vRK
— Mark Nantz (@BullseyeBanjo) May 1, 2024
The Democrats thought they were going to bankrupt Trump and instead he tripled his net worth.
Trump never misses. pic.twitter.com/XNWk0IN6KY
— Daily Trite
Funny, I didn’t see a single tweet today laughing at Trump’s falling net worth…wonder why… pic.twitter.com/CVXnvNjMMV
— Waffle Ladders (@waffle_ladders) May 1, 2024
While he may have to deal ridiculous bogus charges, President Trump is still able to run an effective business – hopefully we will be able to see what he is truly capable of without being hindered by the Left.
