Former President Donald Trump’s wealth has increased by $1.8 billion. Trump’s wealth has increased because of his recently made public company, Trump Media & Technology Group. The company’s main asset is a social media platform called Truth Social. The company gave Trump an extra 36 million shares as a bonus for the stock price staying above $17.50 per share for at least 20 trading days within a 30-day period. This information was reported in a regulatory filing on Tuesday.
Trump now owns 114.75 million shares of Trump Media, thanks to the stock bonus. The company’s ticker symbol is DJT, which are also Trump’s initials. According to the company’s closing price today, the user’s entire stake is worth $5.7 billion.
According to Bloomberg Billionaires Index, Trump’s total net worth is approximately $8 billion. The majority of his fortune is currently invested in DJT shares.
The value of Trump’s ownership in DJT increased due to a recent rise in the stock’s value. Trump Media became a publicly traded company in late March. At first, the stock price went up to a high of $79.38 per share. However, it then started to decline for several weeks. CEO Devin Nunes accused certain investors of illegally manipulating the stock through a type of short selling.
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However, starting from last Monday, the stock price has increased by 43%, recovering some of the previously lost value. The shares increased by $3.24, which is a 7% increase, and reached a value of $49.93 on Tuesday.
However, Trump will not be able to access his new wealth in the near future. The reason for this is a lockup period that prevents him and other Trump Media executives from selling their shares for another five months. Lockups are a common occurrence when a company first goes public. They prevent insiders from selling their shares right away, which could cause the stock price to drop.
Trump has received more stock in Trump Media & Technology Group, which now gives him ownership of about 65% of the company. The company is currently losing money and only made $4.1 million in revenue last year.
However, a large number of Trump Media’s shareholders are individual investors who are supporters of the former president. Nunes mentioned on Fox Business that the company has approximately 600,000 retail investors. On Truth Social, some people were happy that Trump now owns a part of it. They think this might make short-sellers, who are traders that bet a stock will go down in value, feel pressured. “Prezz and his team easily outsmarted them,” one supporter wrote on Truth, along with a screenshot of an alert about the earnout.
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