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Tags: donald trump | bloomberg | wealthiest | truth social | merger | social media | nasdaq

Trump Joins Bloomberg's 500 Wealthiest Post-Merger; Net Worth $6.5B

By    |   Monday, 25 March 2024 10:15 PM EDT

Former President Donald Trump's wealth surged after his social media company, Truth Social, merged with a special-purpose acquisition company (SPAC), paving the way for a public listing on the Nasdaq.

The deal significantly boosted Trump's financial status, landing him on Bloomberg's list of the world's 500 richest individuals with an estimated net worth of around $6.5 billion. Trump, who holds approximately 58% of the new entity, saw his stake valued between $3 billion and $4 billion.

The merger, concluded after extensive negotiations and legal challenges, marks a notable shift in Trump's financial portfolio, traditionally dominated by real estate. The financial boost comes at a critical time amid Trump's recent legal and financial challenges.

Trump can neither sell shares nor use them as collateral for at least six months due to a lockup, a business-deal provision commonly used to boost investor confidence and quell concerns that major shareholders will sell soon after a deal closes, according to The Washington Post.

The media company will debut under the stock ticker "DJT."

Nick Koutsobinas

Nick Koutsobinas, a Newsmax writer, has years of news reporting experience. A graduate from Missouri State University’s philosophy program, he focuses on exposing corruption and censorship.

© 2024 Newsmax. All rights reserved.


Politics
Former President Donald Trump's wealth surged after his social media company, Truth Social, merged with a special-purpose acquisition company (SPAC), paving the way for a public listing on the Nasdaq.
donald trump, bloomberg, wealthiest, truth social, merger, social media, nasdaq
171
2024-15-25
Monday, 25 March 2024 10:15 PM
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