President Donald Trump’s fortune has soared after leaving office, according to wealth scorekeeper Forbes magazine.
Forbes says Trump’s new tech company, Truth Social, is the driving force behind his net worth jumping by almost $600 million since he left the White House.
The magazine says Truth Social has already raised Trump’s net worth by $430 million taking his estimated fortune from $2.4 billion a year ago to $3 billion today.
It gets better for Trump, however.
Forbes claims that Trump will own at least 50% of the new venture and they only estimated the stock value at $10 in their calculations.
The price currently sits at $49.
Although still only in the early stages, the platform has had a rocky launch and is yet to go live across the nation.
The Americans atop Forbes’ new list of the world’s wealthiest people defied the downward trend. As a group, they’re richer than ever https://t.co/6VLuRJeabt #ForbesBillionaires
— Forbes (@Forbes) April 5, 2022
Trump Reportedly Mulls Joining Gettr Amid Fury At Truth Social Rollout https://t.co/mezOSEeZ3G pic.twitter.com/aI5lTYnjya
— Forbes (@Forbes) April 5, 2022
From Forbes:
Investors don’t seem to care. Trump Media plans to merge with a SPAC that retail traders are buying like crazy, boosting its shares from $10 to more than $50.
Based on clues buried in regulatory filings, Trump probably owns at least 50%.
We estimated the value of the shares Trump should eventually receive at $10 apiece, reflecting the discounted rate that a handful of smart-money investors recently agreed to pay to jump into the frenzy.
Since the deal hasn’t gone through, the former president can’t sell his presumed shares on the open market today.
Trump’s new platform is still going through growing pains.
From Yahoo:
Digital World Acquisition Corp. closed Monday down 10% following a Reuters report that the chief technology officer and chief products officer had left the company, citing two anonymous sources.
Neither executive responded to requests for comment by The Associated Press, but a person close to the company speaking on condition of anonymity because he was not authorized to talk confirmed the two had left.
It was not immediately clear why the head of technology, Josh Adams, and the product chief, Billy Boozer, decided to leave, but the staff turnover comes at a bad time for the company as it struggles to attract subscribers.
The departures follow a filing by the company last week stating that its accountants needed more time to review financial figures before filing its annual report.
