The wealth of former President Donald Trump spiked on Monday, catapulting him to one of the richest 500 people in the world, according to reports.
In what has been reported to be a time of weakness of Trump’s financial fortune, the businessman-turned-president enjoyed his single-greatest day on record for creating wealth.
On Monday, the Trump Media & Technology Group finalized a $300 million merger with the Digital World Acquisition Corp. The deal — 29 months in the works — results in Trump owning shares worth billions of dollars on paper.
Bloomberg reported on Monday that Trump’s net worth will soar by more than $4 billion — escalating his overall fortune to $6.4 billion. The outlet noted that the sudden increase in riches means that Trump, 77, will join the ranks of the world’s wealthiest 500 people on the Bloomberg Billionaires Index.
Digital World is a special purpose acquisition company.
Investopedia defines a SPAC as: “A company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.”
Shares of Digital World increased by 35% on Monday.
The Trump Media & Technology Group owns the Truth Social app platform.
Meanwhile, the Trump Media & Technology Group is set to debut on the Nasdaq stock exchange under the “DJT” stock ticker on Tuesday.
The Trump Media & Technology Group CEO, former Rep. Devin Nunes (R-Calif.), said: “As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors. 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.”
The massive influx of wealth comes at a time when a state appellate court significantly reduced his civil fraud case bond to $175 million — a sharp reduction from the original $464 million bond that was initially ordered against him.
Trump stated on Monday, “Greatly respect the decision of the appellate division. We’ll put up a cash or bond very quickly.”
Bloomberg noted that Trump can’t cash in on his merger money for roughly six months.
The Securities and Exchange Commission filing of the merger can be seen here.
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