The net worth of former President Donald Trump saw a boost of over $400 million on Thursday as shares of the parent company behind his social media platform Truth Social surged by nearly 8%. This latest windfall adds to Trump’s wealth, though he is currently unable to liquidate this bonus as he faces over $550 million in three civil judgments. The stock price of Trump Media & Technology Group Corp. had previously climbed to a three-week high earlier in the week following moves to protect against short sellers, allowing Trump to secure additional shares and increase his majority stake to 64.9%.
Trump Media CEO Devin Nunes has urged GOP leaders in the House to investigate financial firms over potential short selling of Trump Media shares, citing anomalies in trading. Despite the increase in stock value, Trump is unable to cash out on his shares immediately due to lock-up restrictions in place to prevent market volatility. These restrictions will keep his and other executives’ shares in place for another five months, barring them from selling off their holdings or using them to pay off civil judgments like the $454 million fraud judgment in New York.
With the additional $400 million, Forbes estimates Trump’s net worth is now around $7.5 billion, ranking him as the 349th richest person in the world. This valuation is primarily driven by his extensive real estate portfolio valued at $1.1 billion as of March and his golf clubs and resorts worth around $810 million, including Mar-a-Lago in south Florida. The announcement of TMTG going public under the ticker DJT by Digital World Acquisition Corp. in March resulted in Trump’s net worth more than doubling in one day, with him earning over $4 billion from his majority stake in the Nasdaq-traded company.
In addition to his financial successes, Trump has faced setbacks in the form of three civil judgments totaling over $550 million. One judgment required him to pay $83.3 million to writer E. Jean Carroll in a defamation suit, while another ordered him to pay $454 million in a New York civil fraud case for inflating the value of his assets. Trump was later allowed to delay the full payment and post a partial bond of $175 million. Despite these legal challenges, Trump has continued to pursue various merchandising initiatives, such as NFT trading cards and custom sneakers, to diversify his income streams and build his wealth.
