Amidst mounting legal troubles and financial challenges within his businesses, former President Donald Trump has seen a remarkable surge in his wealth, according to CNBC.
Despite facing a cash crunch in his presidential campaign and grappling with legal penalties, Trump’s net worth skyrocketed to approximately $6.5 billion on Monday afternoon. This unexpected increase was reported by Bloomberg, a global authority on tracking the wealth of the world’s richest individuals.
The substantial boost in Trump’s wealth is attributed to a recent merger involving his social media venture, Trump Media and Technology Group, and a shell company named Digital World Acquisition Corp (DWAC).
Trump, who is 77 years old and a Republican presidential candidate, owns nearly 58% of Trump Media, the entity behind his Truth Social platform. The merger with DWAC propelled the value of Trump’s stock to $4 billion on paper, with DWAC’s closing price reaching $49.95 per share on Monday.
DWAC’s share price surged by 35% on the same day following a decision by a New York appeals court to reduce the amount of cash required for a bond. This reduction spared Trump from having to pay a $454 million civil fraud penalty.
Earlier in the day, Trump had faced challenges in securing a bond exceeding $550 million to prevent the state from seizing his real estate assets. However, the appeals court ruling revised the required bond to $175 million and postponed the enforcement of the judgment for a period of 10 days.
The ramifications of these legal proceedings and the media merger have also led to Trump’s inclusion in the Bloomberg Billionaire’s Index for the first time. Bloomberg’s estimate of Trump’s net worth is based on a combination of ethics disclosures, public filings, and staff reporting.
The surge in Trump’s wealth amid ongoing legal battles underscores the complexities of his financial landscape and the significant impact of recent corporate maneuvers on his personal fortune.
