Donald Trump¡¯s Net Worth Is Said To Have Jumped $600 Million Since He Left Presidency

From getting banned from numerous social media platforms to losing the presidential elections to Joe Biden, things haven't gone Donald Trump's way in the past year and a half.

While some may have even written him off, the 75-year-old former US president has again put up a strong display of his grit. In the past year or so, Donald Trump seems to have got a new title, i.e. a tech entrepreneur. This seems to be a stretch for Trump, who doesn¡¯t even use email, preferring to instead scrawl jagged notes in marker.

But he doesn¡¯t mind jumping into ventures in which he has little previous experience, and this gig should prove far more lucrative than the presidency, as per a report in Forbes.

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In fact, this new gig has already boosted his net worth by $430 million, according to Forbes, thus helping Trump lift his fortune from $2.4 billion a year ago to $3 billion today.

Trump¡¯s Own Social Media Platform

After the ban from Twitter, Donald Trump had announced in October 2021 that he was creating his own social media platform, Truth Social, through the Trump Media and Technology Group, which uses his rapidly appreciating Palm Beach club, Mar-a-Lago, as its address. The app became available in February 2022, as per Forbes.

Trump now reportedly has 835,000 followers on it, i.e. less than 1% of his previous total on Twitter. He has posted only once: ¡°Get Ready. Your favourite President will see you soon!¡±

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The Ambitious Project With DWAC

The massive $600 million jump in his net worth probably shows the continued confidence of investors in Trump. Besides the new social media platform, Trump¡¯s media company named Trump Media & Technology Group, which has already partnered with a SPAC (special purpose acquisition company) called Digital World Acquisition Corp (DWAC) plans to merge with it.

DWAC¡¯s stock is what retail traders are reportedly buying like crazy, boosting its shares from $10 to more than $50 until yesterday. But its shares have slumped since yesterday after Elon Musk bought a majority stake in Twitter and it was reported that two of DWAC¡¯s executives have left the company.

And based on the clues buried in regulatory filings, Trump probably owns at least 50%. Forbes has estimated that the value of the shares Trump should eventually receive at $10 apiece, reflecting the discounted rate that a handful of smart-money investors recently agreed to pay to jump into the frenzy.

But since the merger deal hasn¡¯t gone through yet, the former US president can¡¯t sell his presumed shares on the open market today, as per Forbes. There are even some doubts about whether the merger will happen at all. Both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority are reportedly probing the deal.

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