The recent merger between Digital World Acquisition Corp and Trump Media & Technology Group Corp on March 25 significantly boosted former President Donald Trump’s net worth, propelling it to an estimated $6.4 billion according to Bloomberg.
This remarkable financial surge positions Trump among the world’s 500 wealthiest individuals for the first time, as recorded by the Bloomberg Billionaires Index. Prior to this, his net worth had peaked at $3.1 billion. The merger, which effectively folded Trump’s media enterprise into the acquisition company Digital World, accounted for a $4 billion increase in Trump’s financial portfolio, as reported by the New York Post.
In the wake of the merger, Trump Media announced its intention to begin trading on the Nasdaq under the ticker symbol DJT, which notably echoes the initials of Donald John Trump, who is widely recognized as a leading figure in the Republican Party.
Trump holds a significant 58% ownership stake in the newly public entity. One of the crown jewels of Trump Media is Truth Social, a social media platform where Trump, under the handle @realDonaldTrump, has amassed over 6.7 million followers. This platform became particularly crucial for Trump after his suspension from major social media networks like Twitter (now X) and Facebook in the aftermath of the January 6, 2021, U.S. Capitol Building incident, leading him to establish Truth Social as an alternative channel for his communications.
This financial windfall for Trump coincided with a crucial legal victory in New York, where an appeals court ruled that he could challenge a significant judgment in a civil fraud case by posting a reduced bail amount of $175 million. This decision came after Trump’s legal team communicated to the court their difficulties in securing the original bond amount of $464 million from over 30 underwriting firms.
The appeals court’s ruling provides Trump with an additional ten-day window to arrange the bail, thereby temporarily halting the state, under the leadership of Attorney General Letitia James, from proceeding with asset seizures. Trump, expressing confidence, stated during a press briefing that arranging the necessary cash or bond to comply with the court’s requirements would not pose a challenge. He underscored his readiness to secure the bail through cash, securities, or bonds and expressed his determination to prevail in the ongoing legal battle.