Former President Trump’s Net Worth Gets a Boost
Former President Donald Trump’s net worth has received a significant boost, thanks to his newly public company, Trump Media & Technology Group. The company, whose main asset is the social media platform Truth Social, has awarded Trump an additional 36 million shares as an “earnout” bonus. This brings Trump’s total stake in Trump Media to 114.75 million shares, valued at $5.7 billion based on today’s closing price.
Trump Media & Technology Group’s stock surge
The boost to Trump’s wealth comes as a result of the company’s stock staying above $17.50 a share for any 20 trading days within a 30-trading day period. This earnout bonus is a significant addition to Trump’s net worth, which is now estimated to be around $8 billion, according to Bloomberg Billionaires Index.
Donald Trump
Trump Media & Technology Group has been on a bumpy road since going public in late March. The stock initially surged to a peak of $79.38 per share, followed by a weekslong slide that spurred CEO Devin Nunes to accuse some investors of manipulating the stock through an illegal type of short selling. However, since last Monday, the stock has surged 43%, regaining some of that lost ground.
Truth Social, a social media platform
The value of Trump’s stake in DJT was juiced by a recent surge in the stock’s value. Trump won’t be able to cash out on his new fortune anytime soon, though, due to a so-called lockup period that restricts him and other Trump Media executives from selling their shares for another five months. Lockups are common with newly listed companies because they keep insiders from selling their stakes shortly after a company goes public, which could cause a stock to sink in value.
Stock market fluctuations
The additional stock grant means that Trump now owns about 65% of Trump Media & Technology Group, a company that’s in the red and that booked just $4.1 million in revenue last year. However, many of Trump Media’s shareholders are small investors who support the former president, with Nunes telling Fox Business that the company has roughly 600,000 retail investors.
Small investors supporting Trump Media
On Truth Social, some of these investors celebrated Trump’s new ownership stake, predicting that it could put pressure on short-sellers, who are traders that bet a stock will decline in value.
Celebrating Trump’s new ownership stake
In other news, Clearfield, Inc., a leader in community broadband fiber connectivity, will participate in a fireside chat at the Needham Technology, Media, & Consumer Conference on May 14, 2024. The company’s President and Chief Executive Officer, Cheri Beranek, and Chief Financial Officer, Dan Herzog, are scheduled to present on Tuesday, May 14, at 9:30 a.m. Eastern time.
Clearfield, Inc. participates in Needham Technology, Media, & Consumer Conference
A live webcast, as well as a replay, of the presentation will be available.
