Former President Donald Trump saw his net worth increase by over $400 million on Thursday as shares of the parent company behind his social media platform Truth Social rose by almost 8%. Trump, who recently announced his bid for the 2024 GOP presidential nomination, has seen his wealth grow even as he faces legal battles and civil judgments totaling over $550 million. Despite his financial gains, Trump is not able to cash out on his shares immediately due to lock-up restrictions in place for the next five months.
The boost in shares for Trump Media & Technology Group Corp. came after a recent high earlier in the week, and Trump further increased his stake in the company by securing an additional 36 million shares. Trump now holds a majority stake of 64.9% in the parent company of Truth Social. CEO Devin Nunes has called for an investigation into potential short selling of Trump Media shares, urging quick action to protect retail shareholders and identify wrongdoers. Nunes cited anomalies in DJT trading and raised concerns about violations of laws including RICO statutes and tax evasion.
Forbes estimates that with the additional $400 million, Trump’s net worth is now around $7.5 billion, making him the 349th richest person in the world. Much of his wealth comes from his real estate portfolio valued at $1.1 billion and his golf clubs and resorts totaling $810 million. The increase in Trump’s net worth follows the public debut of TMTG under the ticker DJT, which saw his wealth more than double in just one day. Trump has also ventured into merchandising initiatives, such as NFT trading cards and custom sneakers, to increase his earnings.
Despite his financial successes, Trump faces legal challenges, including multiple civil judgments totaling over $550 million. In January, he was ordered to pay $83.3 million to writer E. Jean Carroll in a defamation suit, followed by an additional $454 million in a New York civil fraud case. Trump was found liable for inflating the value of his assets, leading to the substantial judgment. However, a judge allowed Trump to delay the full payment by posting a partial bond of $175 million.
Overall, Trump’s wealth continues to grow through investments in Truth Social and other ventures, despite the legal battles he faces. His net worth increase of over $400 million marks another financial milestone for the former president, who remains a prominent figure in American politics. While he may not be able to cash out on his shares immediately, Trump’s financial success solidifies his position as a prominent businessman and political figure.
