Donald Trump faces hundreds of millions of dollars in legal penalties, his presidential campaign is confronting a cash crunch and his businesses have reported operating losses for years.
But on Monday afternoon, Trump was richer than he has ever been.
Trump’s net worth shot up by more than $4 billion in recent days to about $6.5 billion, according to Bloomberg, which tracks the 500 wealthiest people in the world.
The bonanza was the result of a merger approved Friday between Trump’s social media company, Trump Media & Technology Group, and a shell company, Digital World Acquisition Corp., known as DWAC.
Trump owns nearly 80 million shares, or roughly 58%, of Trump Media, which operates his social media site Truth Social. At DWAC’s closing price Monday of $49.95 a share
, Trump’s stock was worth $4 billion on paper.
The newly merged social media company said it will begin trading Tuesday under the ticker symbol DJT.
DWAC’s share price soared 35% in Monday trading, after a New York appeals court slashed the amount of cash the former president needs to get a bond saving him from having to immediately pay a $454 million civil fraud penalty.
Early Monday, Trump appeared to be unable to put up the more than $550 million to secure a bond that would stop the state from moving to seize his real estate assets.
