Former President Trump is now one of the richest people in the world after his media company Truth Social completed a merger and is set to go public on the stock market. Trump joined Bloomberg’s list of the world’s 500 richest people on Monday after a deal was approved that could net him up to $4 billion.
Special acquisition purpose company (SPAC) Merger with parent company Truth Social After months of negotiations and legal challenges, Trump Media and Technology Group was cleared Monday for an expedited initial public offering on the Nasdaq.
Trump owns about 58% of the new company, worth about $3 billion to $4 billion. Although he is prohibited from selling his shares for at least six months, his wealth quickly increased his net worth on Bloomberg’s list.
The paper said the new estimate of Trump’s net worth is about $6.5 billion, on par with TD Ameritrade founder Joe Ricketts and investment banker Tony James. bloomberg wealth index.
The former president has always been wealthy, with a previous net worth of around $3.1 billion, according to Bloomberg. Almost all of his wealth is in real estate, the value of which is at the center of a New York corporate fraud case that claims Trump and his companies inflated their value.
The windfall was much needed for Trump, who was struggling to find funds to pay his $464 million bail in a fraud case, putting his real estate empire at risk. Bail was reduced to $175 million on Monday’s appeal, which President Trump said he would pay.
The new media company is scheduled to debut on the stock market on Tuesday under the ticker DJT.
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