Shares of Trump Media soared over 10% on Monday, reaching levels not seen since late March and boosting the net worth of former President Donald Trump to an all-time high.
Trump Media Shares Rise, Boosting the Net Worth of Donald Trump
According to Forbes, Trump Media shares closed more than 10% higher at $54.39, marking one of the stock's strongest closing prices this year. This rise in stock value boosted the net worth of Donald Trump by $636 million, according to Forbes, which now estimates his wealth to be at $8.2 billion.
The former president's stake in Trump Media has reached the highest it has ever been. His 114.8 million shares in the parent company of Truth Social are now worth $5.6 billion.
The stock has more than doubled since reaching its lowest point in mid-April, when it traded at $22.84 per share, resulting in Trump's net worth declining to $3.8 billion and his removal from Bloomberg's list of the 500 richest people.
Trump Media Merger With DWAC
In late March, Trump Media finalized its merger with Digital World Acquisition Corp., allowing Donald Trump's social media company to go public and contributing a multibillion-dollar fortune for the former president.
Despite the stock's fluctuating performance since its public launch, Trump and other company executives are subject to limitations on selling their shares for approximately four additional months due to a lockup period, as detailed in regulatory filings.
Trump Media has implemented strategies to protect itself against short sellers, who bet on and profit from a drop in a stock price. The company instructed shareholders to contact their brokerages to place restrictions on the lending of their shares to short sellers to prevent shares from being used in short-selling trades.
Join the Conversation