Donald Trump has surpassed George Soros in wealth and is on track to surpass Mark Cuban.
According to the Bloomberg Billionaires Index, the net worth of the former president has skyrocketed by over $4 billion this year, reaching an estimated $7.2 billion.
Trump placed 377th on the rich list at Tuesday’s market close, ahead of Netflix cofounder Reed Hastings ($6 billion), oil-dynasty heir Gordon Getty ($6.2 billion), and Home Depot cofounder Bernie Marcus ($6.9 billion).
The real estate tycoon’s wealth has skyrocketed due to his ownership of 78.75 million shares, representing a stake of at least 58%, in Trump Media & Technology Group. This merger with Digital World Acquisition Corp. was finalized on Monday, and the company’s shares began trading under the ticker DJT on Tuesday.
TGMT stock closed up 16%, valuing Trump’s investment at $4.6 billion. It increased by 16% to $67 in premarket trade on Wednesday. If that increase persists, Trump’s holdings will be worth approximately $5.3 billion, bringing his total wealth to over $7.9 billion.
A net worth of that size would place him ahead of not just Soros ($7.2 billion) and Cuban ($7.3 billion) on the Bloomberg list, but also venture investor John Doerr ($7.4 billion), fashion heiress Miuccia Prada ($7.4 billion), and Lululemon founder Chip Wilson ($7.5 billion).
Trump would also be closing in on New England Patriots owner Robert Kraft, Russian oil mogul Roman Abramovich, and Star Wars creator George Lucas, all of whom were worth less than $8.3 billion at the close of business on Tuesday.
The expected Republican presidential nominee will undoubtedly be overjoyed with his rising net worth. He’s been scrambling to locate the funds to pay down a recent $454 million verdict against him in a New York fraud lawsuit.
Trump has appealed the verdict, but he must still post a $175 million bond in the coming days to assure the court that he will pay the full sum if he loses his case.
TMTG, Truth Social’s parent company, has an official “lock-up” period that prevents its executives from selling stock for the next six months. But its board, which includes Donald Trump Jr., has the authority to waive or shorten the waiting period before Trump may cash out.
Whatever happens, it’s fascinating to watch Trump rise up the billionaire rankings just as he appeared to be in significant financial danger.
