Trump raises his stake in the company that operates Truth Social from 57.6 percent to 64.9 percent.
Regulatory filings show that former President Donald Trump increased his stake significantly in the company behind his social media platform Truth Social, with the former president now owning nearly 65 percent of Trump Media & Technology Group (TMTG) and becoming about $1.8 billion richer.
President Trump, who faces mounting legal bills from a bevy of court cases that he says are part of a plot to undermine his presidential comeback bid, has secured an additional 36 million shares of TMTG, increasing his stake to 114.75 million shares, according to a Securities and Exchange Commission filing made on April 30.
The move brings his stake in the company that operates Truth Social to 64.9 percent from 57.6 percent. It also means that he’s amassed an additional $1.8 billion on paper, bringing the value of his TMTG stake to a little more than $5.7 billion, according to the latest price of nearly $50 per share.
The stock has soared by more than 50 percent, to $49.93, in the past five sessions, although it’s still 25 percent short of its closing peak on March 27.
The $1.8 billion windfall is thanks to the fact that President Trump stood to gain 36 million in additional “earnout shares” if the TMTG stock performed well over a certain period, according to an April 15 filing.
Although the development has boosted President Trump’s net worth sharply, he can’t sell his stake immediately because of a six-month lockup agreement.
TMTG shares have been on a roller-coaster ride since the company listed on Nasdaq in March through a merger with a special purpose acquisition company and was snapped up by Trump supporters and speculators.
‘Very Solid’
Following the merger and initial public offering at the end of March, market interest exploded in TMTG, which trades under the ticker symbol DJT. Its stock price soared above $79 per share on its first day of trading, sending the company’s market cap to more than $7 billion.
By Tom Ozimek
