Trump joins Bloomberg’s 500 wealthiest list after Truth Social merger
Former President Trump is now one of the wealthiest people in the world after his media company, Truth Social, completed a merger that will see it debut on the stock market. Trump joined Bloomberg’s list of the world’s 500 richest people on Monday after the deal that could net him up to $4 billion was approved.
A special-purpose acquisition company (SPAC) merged with Truth Social parent Trump Media & Technology Group Corp. on Monday following months of negotiations and legal challenges, allowing it to make an initial public offering on the Nasdaq quickly.
Trump owns roughly 58 percent of the new company, a stake that’s valued at about $3 billion to $4 billion. He is barred from selling shares for at least six months, but the assets immediately drove up his net worth on the Bloomberg list.
The new estimate of Trump’s wealth puts him on the same level as TD Ameritrade founder Joe Ricketts and investment banker Tony James at about $6.5 billion, according to the Bloomberg wealth index.
The former president has always been wealthy, with his net worth previously peaking at about $3.1 billion, according to Bloomberg. Almost all of the wealth was in real estate, values that are at the center of a New York business fraud case that alleges Trump and his company inflated values.
The windfall is much needed for Trump, who struggled to find funds to pay a $464 million bond in the fraud case, putting his real estate empire at risk. The bond was reduced on appeal Monday to $175 million, which Trump said he will pay.
The new media company is set to debut on the stock market Tuesday with the ticker DJT.
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