Former President Donald Trump will become one of the world’s 500 richest people after his media company begins public trading on Tuesday, Bloomberg News reported Monday.
Republican presidential candidate Trump founded Trump Media & Technology Group (TMTG) in February 2021 to develop social media websites that provide an alternative to Trump’s policies. Removal After the events of January 6, 2021, in a comment from Twitter, the new website “Truth Social” will be launched in 2022. On Monday, TMTG completed the merger process with DWAC, a special purpose acquisition company, which will make the company publicly traded on the National Association of Securities Dealers Automated Quotation Securities Exchange, also known as the “Nasdaq” exchange, and Trump’s A 58% stake in the company is valued at $3.9 billion. according to Go to Bloomberg News. (Related: President Trump’s Truth Social Report Loses Millions of Dollars in First Half of 2023, SEC Filing Reveals)
On Monday, when the closing was announced, DWAC stock rose 35.22% to close at $49.95. The new company will keep the TMTG name and change its stock price to President Trump’s initials, “DJT.” According to Bloomberg, the process will increase Trump’s net worth to $6.4 billion.
Estimates of Trump’s net worth, which until recently consisted primarily of Trump Organization real estate, have been subject to varying estimates.Australian Financial Review Estimation After the TMTG acquisition process, his net worth will be $9.8 billion, while Forbes maintains his net worth at $9.8 billion. $2.6 billion As of Monday, he was the 1,265th richest person in the world, with an all-time estimated net worth of $4.5 billion in 2016.
Truth Social has reported many losses since its founding, and Trump is the platform’s main user. maximum number of followers. He often uses the platform to announce important legal and campaign decisions, similar to how he used Twitter during his presidency.
According to Bloomberg, President Trump will not be able to sell his TMTG shares for at least six months after they begin trading.
President Trump said he has no plans to return to Twitter after Elon Musk returns on November 19, 2022, following the results of a poll Musk produced on the issue. Over 15 million users voted poll51.8% voted in favor of reinstatement, while 48.2% voted against.
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