Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Top News
Top News
Politics

Trump Secures Trump Secures Top News.6 Billion In Trump Media Shares.6 Billion In Trump Media Shares

Pedestrians walk past the Nasdaq building as the stock price of Trump Media & Technology Group Corp. is displayed on screens, March 26, 2024, in New York. A Delaware judge on Tuesday, April 30,

Former President Donald Trump has recently obtained an additional $1.6 billion worth of shares in Trump Media, as per a regulatory filing. This acquisition stems from the company's stock meeting specific price benchmarks, resulting in Trump being granted an extra 36 million shares in the firm that houses his social media platform, Truth Social. Consequently, his total ownership now exceeds 114 million shares, valued at approximately $5.2 billion based on the closing stock price on Wednesday.

At present, the value of these shares is considered as 'paper wealth,' with Trump being restricted from selling any shares for six months post the public debut of Trump Media unless a waiver is granted by the company's board. As the presumptive Republican presidential nominee, Trump now possesses nearly two-thirds of the company's outstanding shares.

Trump Media & Technology Group's shares have experienced a surge in recent weeks, with Tuesday's closure at $49.93. Trump only needed the stock to surpass $17.50 for 20 consecutive trading days to secure the additional shares. However, the stock witnessed a 9.6% decline on Wednesday, concluding at $45.13.

Trump Media gained its listing on the Nasdaq through a merger with Digital World Acquisition Corp., a special purpose acquisition company (SPAC). Such mergers provide young companies with expedited pathways to publicly trade their shares. Following the merger closure, the combined company's shares reached nearly $80 on the first trading day before settling at $57.99.

Shortly after this notable stock market debut, Trump Media disclosed a loss of nearly $58.2 million in the previous year, leading to a more than 21% drop in its stock value. This loss contrasts sharply with the $50.5 million profit reported for 2022. Subsequently, the company's stock plummeted to around $22 each before a rebound in mid-April.

Truth Social, Trump's social media platform, was launched in February 2022, a year after his ban from major social platforms like Facebook and X (formerly Twitter) following the January 6 Capitol insurrection. While reinstated on these platforms, Trump has opted to remain active on Truth Social.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.