Former President of the United States of America, Donald Trump is now worth a hefty $8.84 billion, marking an all-time high for his net worth.
This is all thanks to Trump Media shares which rose by over 10% as of Thursday, May 9, 2024, reaching their highest closing price since late March and substantially boosting former President Donald Trump’s net worth according to data tracked on the Bloomberg Billionaire index.
Closing up more than 10% at $54.39, Trump Media’s stock experienced its fourth-highest closing price of the year, a significant rebound from its April slump.
On a month-on-month basis, Trump Media climbed 58.7% in share price from $34.26 to its current share price of $54.39 as of Thursday, May 9, 2024.
The notable significance is Trump’s increased stake in Trump Media, with his holdings now consisting of 114.8 million shares in the parent company of Truth Social, valued at $5.6 billion—the highest value it has ever reached. This remarkable turnaround follows a period of decline earlier in the year, with the stock plummeting to $22.84 per share in mid-April, coinciding with a decrease in Trump’s net worth to $3.8 billion.
At present, Trump Media boasts a market capitalization of $7.4 billion, a testament to its resurgence in the market. The company’s fortunes shifted following its merger with Digital World Acquisition Corp in late March, enabling it to go public and providing Trump with a substantial financial windfall amid mounting legal challenges.
However, restrictions prevent Trump and other company executives from selling their shares for approximately four more months, as outlined in regulatory filings.
Since its public debut, Trump Media’s stock has experienced volatility, with prices ranging from a high of $66.22 shortly after its launch to a low of $22.84 just three weeks later.
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In response to market fluctuations, the company has taken measures to shield itself from short sellers, who profit from stock slumps. Trump Media informed shareholders about procedures to request their brokerages to prohibit their shares from being used in short-selling transactions.
Notably, Trump Media’s shareholder base primarily comprises Trump himself and retail investors.
What to know
March 27, 2024, proved to be a pivotal day for Trump’s business ventures despite impending financial challenges, as highlighted in a recent Nairametrics report.
A landmark decision by a state appeals court in New York in a fraud lawsuit dramatically reduced Trump’s bond requirement from over $500 million to $175 million—an amount he intends to cover personally.
Concurrently, his social media endeavour, Trump Media & Technology Group, successfully concluded an extensive merger process, resulting in a significant surge in his paper wealth.
The culmination of these developments propelled Trump’s net worth to soar by over $4 billion, elevating it to $6.5 billion and securing him a coveted position on Bloomberg’s list of the 500 wealthiest individuals globally.
Eric Trump, executive vice president of the Trump Organization, expressed gratitude for this remarkable achievement.
However, the jubilation was short-lived as the company encountered a notable setback, experiencing an 8.57% decline in its share price during Wednesday’s trading session.
This downturn led to Trump Media’s market capitalization plunging below $4.7 billion, marking a substantial departure from its previous valuation of $7.85 billion in March and ultimately resulting in Trump’s removal from the global billionaire index.
At the end of trading, Trump Media’s stock price stood at $34.26 per share, starkly contrasting with its opening price of $70.90 on March 26, when it made its debut as a publicly traded entity.
Furthermore, the stock fell nearly $2.70 per share below the closing price of Digital World Acquisition Corp., the former shell company, on March 22, the day when shareholder approval was obtained for the merger with Trump Media.
