Former President Donald Trump is about to get a multi-billion-dollar windfall after shareholders voted to take his Truth Social platform public.
According to CNN and other outlets, Trump’s net worth is likely to double over the next few weeks after he closed a deal to take the company public.
“After Trump Media announced it will make its stock market debut on Tuesday, Trump for the first time joined the list of the world’s 500 wealthiest people on the Bloomberg Billionaires Index,” the outlet reported, adding: “Bloomberg estimated Trump’s net worth spiked by $4 billion on Monday alone, giving him a fortune of $6.5 billion.”
The merger between Trump Media and Digital World Acquisition Corp. has closed, resulting in a multi-billion dollar windfall for Trump, who is the chairman and dominant shareholder of the merged company.
CNN added:
News of the merger’s completion propelled shares of Digital World up 21%. Buying continued Monday afternoon, boosting Digital World 39% higher on the day to around $51. At current prices, Trump’s stake is valued at about $4 billion. However, there are lock-up restrictions that would likely prevent Trump from selling or even borrowing against the value of that stock for months.
Trading of the new company under the ticker symbol “DJT” on the Nasdaq Stock Market is set to begin on Tuesday, the companies said.
Former California Republican Rep. Devin Nunes, CEO of the combined company, said following the announcement that the business will move to “reclaim the Internet from Big Tech censors.”
“We will continue to fulfill our commitment to Americans to serve as a safe harbor for free expression and to stand up to the ever-growing army of speech suppressors,” Nunes said.
Earlier this month, Truth Social received a major boost as a surge of users flooded the platform to watch Trump respond in real-time to President Joe Biden’s angry, divisive State of the Union Address.
The platform was so overwhelmed that, at times, users experienced intermittent delays trying to access it, Just the News reported.
“Trump uses his platform exclusively for his social commentary, making Truth Social the only social media site that hosts content from both Trump and Biden. Biden’s campaign recently opened up an account on Truth,” the outlet noted. “Trump essentially live-blogged his responses to Biden’s speech on the platform, starting with an opening salvo on Biden starting his speech late.”
Here are some of Trump’s responses:
“That may be the Angriest, Least Compassionate, and Worst State of the Union Speech ever made. It was an Embarrassment to our Country!”
“He’s done nothing for Israel compared to what I have done. It’s only words he speaks, not TRUTH!”
“He made Iran RICH. This is why we have the problems in the Middle East. With me, Iran was BROKE. He is the reason that the Middle East is blowing up!”
“Biden’s speech last night is getting ‘panned’ all over the World. Only the Radical Left lunatics are trying to make the best of it. It took him 41 minutes to talk, briefly, about Immigration and the Border, on the topic of which he was very weak. No talk of weaponization against his very calm and nice opponent. Angry as hell, this guy is a PSYCHO!”
“The Fake News Media is taking Crooked Joe Biden’s anger, and calling it ‘fiery.’ That’s why they’re the Fake News, and there’s nobody like them!”
“The Story is that he got through it, he’s still breathing, and they didn’t have to carry him out in a straitjacket. Other than that, he did not do a very good job!”
Trump also praised freshman Sen. Katie Britt of Alabama, who gave the official Republican response:
Katie Britt was a GREAT contrast to an Angry, and obviously very Disturbed, “President.” She was compassionate and caring, especially concerning Women and Women’s Issues. Her conversation on Migrant Crime was powerful and insightful. Great job Katie!
