Donald Trump

Takeaways from Donald Trump wild day of legal developments 2024

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Donald Trump’s wealth recently took a massive leap, increasing by over $4 billion. This boost brings his total net worth to approximately $6.5 billion. Bloomberg, a company that keeps tabs on the world’s 500 richest individuals, reported this surge.

One significant development contributing to this increase is the merger of Trump’s social media enterprise, Trump Media & Technology Group, with a company called DWAC. This move likely added substantial value to Trump’s overall assets.

Additionally, a New York appeals court made a pivotal decision regarding Trump’s financial obligations. They significantly reduced the amount of money Trump must provide as a bond to avoid immediately paying a hefty $454 million civil fraud penalty. This decision could potentially ease financial pressures on Trump and his enterprises.

Despite facing numerous legal penalties and financial challenges, former President Donald Trump experienced a significant increase in his net worth recently. His wealth surged by over $4 billion, reaching approximately $6.5 billion, according to Bloomberg. This boost came after a merger was finalized between Trump’s social media venture, Trump Media & Technology Group, and a shell company called Digital World Acquisition Corp. (DWAC). This merger, approved on Friday, led to a considerable rise in Trump’s overall wealth.

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Donald Trump owns about 80 million shares, which is approximately 58% of Trump Media. This company runs a social media platform called Truth Social. Based on the closing price of DWAC (the company that merged with Trump Media) on Monday, which was $49.95 per share, Trump’s shares are valued at around $4 billion on paper.

The recently joined social media company announced that it will start trading on Tuesday using the ticker symbol DJT.

On Monday, the share price of DWAC, the company, went up by 35%. This increase came after a New York appeals court reduced the amount of money the previous president has to pay to secure a bond. This reduction means he doesn’t have to pay the full $454 million civil fraud penalty right away.

On Monday morning, Trump had trouble coming up with over $550 million to keep the state from taking away his properties. But around 10 a.m., a higher court said he only had to pay $175 million as a bond. Plus, the court gave him a 10-day break before he had to pay the full amount.

Trump says he has enough money to pay off that bond.

Because of the media merger and the change in the bond, Trump, who is 77 years old, was added to the Bloomberg Billionaires Index on Monday, according to the news outlet.

We’re not sure if his wealth will remain this high though. Trump can’t sell his DWAC shares for six months, and the stock’s price has been changing a lot.

In 2023, Trump Media didn’t earn much money, only around $3.5 million, but actually lost a lot-about $49 million – in the same nine months. Stephanie Ruhle from MSNBC talked about Trump’s media company, saying it’s like a meme stock, which means it’s heavily influenced by one person. Bloomberg figured out Trump’s net worth by looking at things like documents he had to fill out when running for president, papers related to his big properties, and information from his staff.

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