On Monday, Donald Trump’s commercial empire was expected to be in risk like never before. Instead, it became the former president’s wealthiest single day on record.
Trump Media & Technology Group’s merger with Digital World Acquisition Corp. and a bond reduction in a New York civil fraud lawsuit increased his net worth by over $4 billion on Monday, putting him in the top 500 of the Bloomberg Billionaires Index for the first time.
Trump estimated his fortune at $6.5 billion, up more than $4 billion.
That’s a significant increase from his previous high of $3.1 billion, which was primarily comprised of his real estate assets. The civil fraud claim accused Trump and his company of substantially misrepresenting the worth of such holdings in order to obtain better loan and insurance terms.
Trump lost at trial in February and was required to deposit a bail of more than $500 million, but a state appeals court reduced that sum to $175 million on Monday.
“We have a great company and are incredibly honored,” Eric Trump, executive vice president of the Trump Organization, told Bloomberg.
Trump’s social media network Truth Social, which he formed after being banned from major platforms after the Jan. 6, 2021 Capitol riot, will start trading on the Nasdaq stock exchange on Tuesday under his initials.
Trump Media & Technology Group, the parent firm of Truth Social, will merge with the Nasdaq-listed shell company to replace Digital World Acquisition Corp.
Digital World Acquisition Corp. shares rose 35% in regular trading Monday, closing at $49.95, erasing losses from Friday’s vote to approve the transaction.
When Truth Social’s parent company goes public, its market value will be around $5.5 billion, with Trump’s stake valued at around $3 billion – at least on paper. That stake is included in Bloomberg’s estimate of Trump’s net worth.
The valuation is high for a company that has incurred losses of tens of millions of dollars since its start in 2021. Reddit, a social media platform, is valued at around $8 billion following its recent IPO. It made more than $800 million in sales last year. Trump Media’s Truth Social platform earned $3.3 million in income in the first nine months of 2023.