Former President Donald Trump's net worth has surged significantly, propelling him into the ranks of the world's 500 wealthiest individuals. This financial boost is largely attributed to the successful listing of his social media company, Trump Media & Technology Group (TMTG).
Trump's net worth has increased by over $4 billion, with the recent merger of TMTG with Digital World Acquisition Corp. making him the owner of shares worth billions. Despite facing a potential financial crisis due to a $454 million verdict in a New York fraud lawsuit, his net worth is now estimated at $6.5 billion.
Previously, Trump's fortune was primarily tied to real estate properties. However, the merger and listing of TMTG have significantly diversified his wealth. Shares of Digital World Acquisition Corp., which merged with TMTG, have soared since the start of the year, placing Trump's 58% stake in the company at an estimated $3.9 billion.
The successful listing of TMTG comes after a series of setbacks, including shareholder vote delays, investigations, and legal action against Trump by the co-founders of TMTG over dilution. The company's business combination with Digital World was approved by shareholders last week, and it began trading on the Nasdaq on Tuesday.
Interestingly, Trump's decision to list his company on the Nasdaq, instead of the New York Stock Exchange (NYSE), has drawn attention. Trump claimed to have bypassed the NYSE due to the alleged harsh treatment of businesses in New York, a statement that has been scrutinized given that the Nasdaq is also based in New York and falls under the same laws and regulations.