• May 23, 2024

Truth Social’s Stock Surge Moves Trump into Forbes’s Top 500 List for 1st Time Ever

(Jacob Bruns, Headline USA) Despite efforts by the Left to sap former President Donald Trump of his money through politicized legal maneuvers, the former president’s net wealth  skyrocketed this week after his social-media platform, Truth Social, went public, CNBC reported.

The financial move landed Trump for the first time ever on Forbes’s “Real Time Billionaires List” near his former donor, PayPal founder Peter Thiel.

As of Wednesday, Trump was ranked on the real-time list at No. 387 in the world, with a net worth of $7.1 billion. That reflected an upward shift of $648 million or 10.06%, it said.

Trump previously peaked in 2016, the year he was elected president, with a net worth of $4.5 billion, according to his Forbes profile. In 2020, the year he had his re-election stolen, his net worth also hit a recent low point, dropping down to $2.1 billion.

On Monday, its first day as a public company, Trump Media & Technology Group Corp. soared to an increase of about 35% from its opening price after merging on Friday with Nasdaq placeholder Digital World Acquisition Corp.

The merger allowed Trump to finally take his own group public, leading to a massive explosion of interest from stock-market speculators and Trump supporters seeking a unique way to show their solidarity.

Trump owns approximately 80 million shares, or 58% of the company, which includes the Truth Social social media platform.

On Tuesday morning, the stock, under the moniker DJT, opened at $70 per share, $20 per share more than its initial Monday opening–enough to improve the former president’s net worth to its all-time highest level.

At the end of the day Monday, Trump’s net worth had already shot up by roughly $4 billion, bringing his total net worth up enough to get him onto the live Forbes top 500 list.

As of Wednesday, it  had added an extra $5.6 billion to Trump’s wealth, Forbes reported.

Still, the president may be prohibited from selling his shares for six months, and it is unclear if the stock will remain high given its somewhat volatile history.

Left-wing media critics, for instance, suggested that the buy-up resembled a so-called meme stock, where buzz triggered a huge run on a novelty asset.

Ultimately, however, Trump’s cash flow problem is a moot point in comparison to his extraordinarily high net wealth, largely stored in DJT stock shares, the price of which, at the time of this writing, was holding around $70 per share.

Source

The Daily Allegiant