President Donald Trump’s fortune skyrocketed Tuesday as Truth Social’s parent company, Trump Media & Technology Group, went public. The move reportedly increases the former president’s net worth by more than $4 billion.
According to USA Today, the Trump Media & Technology Group went public Tuesday morning under the stock ticker “DJT.” The outlet noted that shares of the former president’s company increased by about 50% to a high of $79.38 throughout the day before falling to $57.99 toward the end of the day.
In a statement obtained by Bloomberg News, Eric Trump, the Trump Organization’s executive vice president, said, “We have a great company and are incredibly honored.”
The public trading of Trump’s media company comes after a merger was finalized between Digital World Acquisition and the Trump Media & Technology Group.
“As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors,” Trump Media CEO Devin Nunes said in a statement obtained by The Daily Wire. “We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors.”
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Bloomberg reported that the merger is believed to increase Trump’s net worth by more than $4 billion, adding the former president to the Bloomberg Billionaires Index for the top 500 wealthiest individuals.
According to USA Today, the Trump Media & Technology Group was valued at roughly $6.8 billion prior to the stock market opening on Tuesday. With the former president controlling almost 60% of the company’s shares, Trump’s stake in the company was estimated at roughly $4 billion before trading.
While the former president’s net worth has increased significantly with the finalization of the merger between Digital World Acquisition and the Trump Media & Technology Group, USA Today reported that Trump is not currently permitted to sell his shares in the company or use them as collateral for the $175 million bond in the former president’s New York civil fraud case. In order to sell his shares or use them as collateral over the next six months, Trump would have to request the approval of the Trump Media board.
