Donald Trump’s net worth hits $6.5 billion, making him one of world’s 500 richest people

Mar26,2024



Donald Trump's business empire It was believed that there was never before such danger on Monday. Instead, it became the biggest day on record in terms of the former president's wealth.
Facing a deadline to post bond of more than $500 million in a New York fraud trial, a state appeals court threw him a lifeline, reducing the amount he had to post to $175 million – a sum he Asks to cover up. Around the same time, his social media company Trump Media & Technology Group completed a 29-month-long merger process, meaning billions of dollars worth of shares on paper are now officially trump'S.
Overall, his net worth increased by more than $4 billion. This means that for the first time, Trump joins the ranks of the world's richest 500 people on the Bloomberg Billionaires Index with a net worth of $6.5 billion.
“We have a great company and we are incredibly honored,” Eric Trump, executive vice president of the Trump Organization, said in a statement.
Trump, 77, has been rich his entire life. But his wealth, which previously peaked at $3.1 billion, consists largely of real estate assets, the value of which he and his company kept at billions of dollars a year for more than a decade to get better terms on loans. Has increased.
His illiquid assets created a potential financial crisis ahead of a Monday deadline to either pay his $454 million judgment or post a bond for 120% of the judgment while he appeals. New York Attorney General Letitia James indicated she was prepared to seize the assets if Trump did not comply.
Trump vowed to quickly post cash or bonds to cover the shortfall. As things stand now, he cannot take advantage of the windfall from Trump Media's merger with Digital World Acquisition Corp because his shares are locked out for nearly six months.
DWAC shares closed at $49.95 on Monday, up nearly 185% since the beginning of the year. Trump's 58% stake in the company is valued at $3.9 billion. (Trading is expected to begin Tuesday under the ticker DJT.)
The completion of the merger, which overcame hurdles including an investigation and settlement with the U.S. Securities and Exchange Commission and last-minute lawsuits from executives and investors, means the shares are now included in Bloomberg's calculation of Trump's net worth. Previously, based on his latest financial disclosure form, his stake was valued at only $22.5 million.
According to the Bloomberg Wealth Index, which has been calculating Trump's net worth since 2015, his revised net worth puts Trump, who is campaigning to return to the White House, on paper equal to Joe Ricketts, Gordon Getty and Tony James. Is.
The figure, which has consistently been below Trump's own estimates, is based on ethics disclosures required of presidential candidates, public filings involving major real estate holdings and staff reporting.



Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *