ALBAWABA - Trump Media & Technology Group, owner of Truth Social, has completed its arrangement to go public, giving former President Donald Trump an unprecedented $4 billion payday that has doubled his net worth and put him in the world’s 500 richest with Bloomberg estimating his net worth at $6.5 billion.
Trump was confronted with an end date to post a bond of over $500 million In a New York fraud case. However, a state appeals court gave him a little grace, reducing the amount he would need to deposit down to $175 million, which he claims he would ultimately pay, while his company, Trump Media & Technology, Group completed a 29-month merger procedure, making Trump the legal owner of shares valued at billions of dollars.
Executive vice president of the Trump Organization Eric Trump expressed his fulfillment about the firm's accomplishments by saying "We have a great company and are incredibly honored." Notably, while he continues his quest to win back the White House, Trump's comeback puts him on level with notable individuals like Joe Ricketts, Gordon Getty, and Tony James in terms of net worth, as shown by the Bloomberg index.
Trump's wealth, which topped at $3.1 billion before, has mostly comprised of real estate holdings, which he and his firm overstated by billions of dollars a year for over a decade to receive favorable credit conditions. His illiquid riches, as Bloomberg writes, threatened a financial disaster before Monday's deadline to pay the $454 million verdict or post a bond for 120% whilst he appeals, with New York Attorney General Letitia James earlier threatening to seize assets if he didn't cooperate.
Trump made an agreement to promptly deposit either cash or a bond in order to pay the reduced sum. However, given the current circumstances, he is unable to take advantage of the profit that he received as a result of the merger between Trump Media and Digital World Acquisition Corp. as his shares are being held up for around six months.
