Former President Trump has achieved a significant milestone in his financial success, emerging as one of the wealthiest individuals globally. This remarkable feat comes after his media company, Truth Social, successfully concluded a merger, paving the way for its debut on the stock market. The approval of this deal has allowed Trump to secure a coveted spot on Bloomberg’s esteemed list of the world’s 500 richest people. With the potential to earn a staggering $4 billion, Trump’s financial prosperity knows no bounds.
A special-purpose acquisition company (SPAC) has successfully merged with Truth Social’s parent company, Trump Media & Technology Group Corp., on Monday after months of negotiations and legal challenges. This merger enables Truth Social to swiftly proceed with its initial public offering on the Nasdaq.
Donald Trump holds approximately 58 percent of the newly formed company, which is estimated to be worth around $3 billion to $4 billion. Although he is prohibited from selling his shares for a minimum of six months, the inclusion of these assets has significantly boosted his overall net worth on the Bloomberg list.
According to the Bloomberg wealth index, the latest estimation of Trump’s wealth places him at approximately $6.5 billion. This places him at the same level as TD Ameritrade founder Joe Ricketts and investment banker Tony James.
According to Bloomberg, the net worth of the former president reached a peak of approximately $3.1 billion, primarily due to his extensive real estate holdings. However, a New York business fraud case has accused Trump and his company of inflating property values, which plays a central role in the allegations.
The windfall comes as a much-needed relief for Trump, who had been facing difficulties in raising funds to pay off a hefty $464 million bond in the fraud case. This financial burden had put his real estate empire in jeopardy. However, on Monday, the bond amount was successfully reduced to $175 million following an appeal. Trump has expressed his commitment to paying off this reduced amount.
