Former President Donald Trump saw a boost in his net worth by over $400 million on Thursday, as shares of the parent company of his social media platform, Truth Social, surged over 8%. However, he will not be able to immediately cash out this windfall as he is ordered to pay over $550 million in three civil judgments. Trump’s net worth now stands at roughly $7.5 billion, making him the 349th richest person in the world, with a significant portion of his wealth coming from his real estate and golf clubs and resorts.
The stock of Truth Social’s parent company, Trump Media & Technology Group Corp., had previously hit a three-week high earlier in the week and Trump secured an additional 36 million shares, increasing his majority stake to 64.9%. Trump Media CEO Devin Nunes has called for an investigation into financial firms over potential short selling of Trump Media shares, citing anomalies in trading. Despite the stock surge, Trump and other executives are subject to lock-up restrictions preventing them from selling their shares for another five months.
Trump’s windfall comes after a series of business ventures, including the launch of Truth Social on Wall Street under the ticker DJT. This move doubled Trump’s net worth overnight and marked his latest financial success following other merchandising initiatives. However, Trump has also faced setbacks in the form of three civil judgments, including an $83.3 million defamation suit payout to writer E. Jean Carroll and a $454 million penalty in a fraud case in New York. Trump was allowed to delay the full payment in the New York case by posting a partial bond of $175 million.
Forbes estimates Trump’s net worth at $7.5 billion, with a significant portion coming from his real estate holdings and golf clubs and resorts. The surge in Truth Social’s parent company stock has further boosted his wealth, but restrictions prevent Trump from liquidating his shares immediately. The call for an investigation into possible short selling of Trump Media shares adds a new element to Trump’s financial picture, as he navigates the aftermath of civil judgments and seeks to grow his wealth through business ventures.
