On Monday, former president Donald Trump is anticipated to become one of the world’s 500 wealthiest individuals when his media firm goes public on Tuesday.
To create an alternate social media platform, Trump, the presumed Republican presidential candidate, established the Trump Media & Technology Group (TMTG) in February 2021. Prompting this decision was his removal from Twitter following the events of January 6, 2022.
Bloomberg reports that TMTG and DWAC, a special-purpose acquisition organization, have just merged. With this merger, TMTG is eligible to join the ranks of publicly listed companies on the Nasdaq. Trump owns 58% of the corporation and has a stake worth $3.9 billion.
After a steep rise of 35.22 percent on Monday, DWAC stock ended the day at $49.95. The announcement of the deal’s conclusion coincided with the price spike. Although the name TMTG will remain the same, the stock symbol for the new business will be Trump’s initials, “DJT.” According to Bloomberg, the merger increased Trump’s net worth to $6.4 billion.
Many people have put their money on various figures for Trump’s net worth, mostly made up of properties held by The Trump Organization. According to the Australian Financial Review, he is projected to have a net worth of $9.8 billion following the TMTG acquisition. His net worth is $2.6 billion as of right now. According to Forbes, Trump is the 1,265th wealthiest person in the world. In 2016, Forbes estimated his net worth at $4.5 billion, his highest ever.
Since its start, Truth Social has suffered enormous financial losses. The network’s most famous user, boasting a large following, is former president Trump. Following in the footsteps of his presidential Twitter account, he often announces major campaigns and legal judgments on the site.
Bloomberg states that Trump’s ability to sell his TMTG share will be subject to a six-month waiting period following the start of trade.
Even if Elon Musk reinstated Trump on November 19, 2022, after a poll, he has already said he has no plans to return on Twitter.
