Former President Donald Trump’s financial fortunes have soared with a significant surge in the stock value of his venture, Trump Media & Technology Group (TMTG), as reported by Fox News on Wednesday, May 1, 2024.
Trump has accrued an additional $1.8 billion in stock value, primarily attributed to the success of TMTG’s flagship product, the social media platform Truth Social. This financial windfall comes in the form of a substantial “earnout” bonus, comprising 36 million extra shares, awarded to Trump for the company’s stock maintaining a price above $17.50 for a specified duration.
This bonus has elevated Trump’s ownership in TMTG to nearly 65%, a significant increase from his previous stake of 57.6%. With 114.75 million shares under his control, Trump now holds a commanding position in the company, traded under the ticker symbol “DJT.”
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Despite recent criticisms from political opponents, Trump’s financial resurgence has seen his estimated net worth climb to an impressive $8.33 billion, according to the Bloomberg Billionaires Index. The bulk of this wealth is intricately tied to TMTG’s fortunes.
However, Trump and other TMTG executives face a lockup period, preventing them from liquidating their shares for an additional five months.
TMTG’s public debut in March, facilitated through a merger with Digital World Acquisition Corp. (DWAC), saw a surge in market valuation to nearly $8 billion on its first trading day. The company’s announcement of plans to launch a live-streaming platform further bolstered investor enthusiasm.
This new venture, set to extend beyond Truth Social, is positioned as an autonomous alternative to major tech platforms, aligning with TMTG’s ethos of independence from tech conglomerates.
Since its launch in 2022, Truth Social has served as Trump’s communication channel, offering an alternative to mainstream platforms from which he was previously barred. The platform’s success has contributed significantly to Trump’s financial resurgence and solidified his position in the digital media landscape.
