Donald Trump has joined the ranks of the world’s 500 richest individuals after his social networking company’s shares rose on their Wall Street debut.
Shares in Trump Media and Technology Group (TMTG), the company behind Mr Trump’s Twitter rival Truth Social, increased by more than 50% at one point after being listed on the Nasdaq exchange through a merger with a listed cash shell. This puts Mr Trump’s majority interest in the company at more than $5.5 billion (£4.3 billion), bringing his estimated net worth to more than $8 billion. According to Bloomberg’s Billionaires Index, this is enough to get you into the top 500 richest persons in the world.
TMTG began trading on Tuesday under the ticker symbol “DJT”. Trading in the company’s shares was so frenetic that it was temporarily halted. Shares later dipped somewhat, but were still up 33% on the day. Last Friday, voters in Digital World Acquisition Corp, the listed shell company with which TMTG has merged, approved the merger, completing the transaction. TMTG will receive a $300 million cash injection. Mr Trump will most likely be unable to sell shares for at least six months due to listing regulations designed to safeguard smaller shareholders. However, the company’s board may be allowed to loosen the rules.
Following his suspension from Twitter in the final days of his presidency, Mr Trump announced the creation of Truth Social. Devin Nunes, a former Republican congressman, runs the corporation.
The merger with Digital World was announced in 2021 and was scheduled to be completed the following year, but it has been delayed due to regulatory investigations. The deal had also been delayed due to a disagreement between Digital World and its former CEO Patrick Orlando over how much his investment company would earn as part of the merger.
Mr Trump is anticipated to possess approximately 58 percent of the combined company. He will not have a formal role, but the board will include his son Donald Trump Jr. and three officials from his administration.
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