Trump’s financial stature soared to $6.4 billion this Monday, following the successful union of Digital World Acquisition Corp. and Trump Media & Technology Group Corp.
This merger has propelled him into the Bloomberg Billionaires Index, marking his debut among the top 500 wealthiest individuals globally.
Previously, the apex of his financial worth was noted at $3.1 billion. However, the fusion of his media enterprise with the special purpose acquisition company Digital World has inflated his net worth by an additional $4 billion.
The newly merged entity is set to commence trading on the Nasdaq stock market, bearing the ticker symbol “DJT” — a tribute to Trump’s initials. The flagship venture of Trump Media is the social network Truth Social, where the former president, under the handle @realDonaldTrump, has garnered over 6.7 million followers.
The launch of Truth Social came as a response to his suspension from major social platforms like Twitter and Facebook following the events at the U.S. Capitol on January 6, 2021.
On the legal front, He was granted a reprieve when a New York appellate court sanctioned a reduced bond of $175 million in a civil fraud case against him, a significant drop from the initial $464 million. Despite efforts to secure the full amount from over 30 underwriters, his legal team could not meet the original bond requirement.
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This financial windfall coincides with a legal triumph, as the court has allotted an additional 10 days for him to post the bond. Failure to do so would allow the state, under Attorney General Letitia James, to initiate asset seizure procedures.
I have ample cash reserves, said Trump
During a press briefing, Trump confidently stated, “I have ample cash reserves.” He further assured, “We will promptly arrange the necessary cash or bond, whichever is required. We are prepared to swiftly address this and are confident in our victory in the case.”
Source: REUTERS