New York (Times Of Ocean)- Forbes estimates former President Donald Trump’s net worth rose by $600 million this year, from $2.4 billion when he left the White House last year to $3 billion following the launch of his social media platform earlier this year.
Trump’s net worth has increased by $430 million as a result of his social media platform, Truth Social, which is run by his Trump Media and Technology Group. Trump added another $170 million to his net worth over the past year, but the source of this money was not specified in the report. White House
Forbes reported that Trump Media was in talks with Digital World Acquisition about a merger, which has had a significant impact on the stock price, rising from $10 to over $50.
The American magazine reported that Trump likely owns at least 50% of the SPAC based on regulatory filings, and that the estimated increase to Trump’s net worth was based on “the value of the shares Trump should eventually receive at $10 each, if he sold them at the lower price some “smart-money investors” are willing to pay.
Since the deal had not been finalized, Trump was unable to sell any shares he may have had in the company on the open market. In addition, the magazine noted that the Securities and Exchange Commission and the Financial Industry Regulatory Authority were looking into the deal.
The Washington Examiner reported that even with Trump’s financial success, Truth Social struggled at launch, which led to a 30% decline in Digital World Acquisition shares in March, according to S&P Global Market Intelligence. The app reportedly experienced 93% decrease in signups in its first month, as well as a sizable drop in web traffic, according to Sensor Tower, a provider of digital and mobile intelligence.