Monumental Shift: Guess Who Is Now Richer Than George Soros?

By Tommy Wilson | Friday, 29 March 2024 01:50 PM
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Former U.S. President Donald Trump's net worth has seen a significant surge this year, increasing by over $4 billion to an estimated $7.2 billion, according to the Bloomberg Billionaires Index.

This places Trump at the 377th position on the list of the world's wealthiest individuals, surpassing Netflix co-founder Reed Hastings ($6 billion), oil dynasty heir Gordon Getty ($6.2 billion), and Home Depot co-founder Bernie Marcus ($6.9 billion).

The substantial increase in Trump's wealth is attributed to his significant stake in Trump Media & Technology Group (TMTG). Trump owns at least 58% of the company, equivalent to 78.75 million shares. TMTG recently merged with Digital World Acquisition Corp and started trading under the ticker DJT. The stock ended the day up 16%, valuing Trump's stake at $4.6 billion. It further leaped another 16% to $67 in premarket trading on Wednesday. If this gain holds, Trump's position will be worth approximately $5.3 billion, raising his total wealth to around $7.9 billion.

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This level of net worth would place Trump above George Soros ($7.2 billion) and Mark Cuban ($7.3 billion) on the Bloomberg list. It would also rank him higher than venture capitalist John Doerr ($7.4 billion), fashion heiress Miuccia Prada ($7.4 billion), and Lululemon founder Chip Wilson ($7.5 billion). Trump would be closely trailing New England Patriots owner Robert Kraft, Russian oil tycoon Roman Abramovich, and Star Wars creator George Lucas, each of whom was worth under $8.3 billion at Tuesday's close.

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This financial boost comes at a crucial time for Trump, who is currently facing a $454 million judgment in a New York fraud case. Although he has appealed the ruling, he still needs to secure a $175 million bond in the coming days as a guarantee to the court that he will pay the full amount if he loses his appeal.

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TMTG, the parent company of Truth Social, has a "lock-up" period that prevents its executives from selling shares for the next six months. However, its board, which includes Donald Trump Jr., has the authority to waive or reduce this waiting period before Trump can liquidate his shares.

This remarkable rise in Trump's wealth comes at a time when he appeared to be facing significant financial challenges.

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