Donald Trump, the richest President in US history who is again running for the elections to the top office scheduled on November 5, has seen his wealth jumping by more than $200 million on September 23 and 24 fuelled by a rally in the shares of Trump Media. A Forbes report put the net worth of the former US president at $3.7 billion, which included the swelling of his fortune by $162 million on September 25.
However, the report also stated that the value of the shares of Trump Media is still ruling at lower levels compared to the peaks it reached earlier in 2024.
Parent firm of Truth Social
Trump Media & Technology Group is the parent firm of Truth Social. The value of its shares jumped by 10% and reached $14 on September 25 and it came on the back of a 5% rise on September 24.
The report stated that the former US president owns about 60% of the company’s shares (about 114.75 million of them), which were cumulatively valued at $1.62 billion on September 25.
Trump’s fortunes soared following IPO
Trump Media went public in March this year and this step alone pushed Trump’s net worth to more than $8 billion from $4.1 billion before the public offering.
Interestingly, the shares of Trump Media have suffered volatility in the market that has triggered a yo-yo in the fortunes of the former US president as well. After the public offering, the value of a share hit a peak of $79.38 and fell as much as 82%. In a roller coaster that partly reflected the political ups and downs of Trump as his campaign progressed, the shares rose in value after a debate with the incumbent president Joe Biden.
However, with Biden ceding ground in favour of Kamala Harris and the betting markets favouring her, the value of the shares fell again. According to experts, the shares are still perceived to be overvalued, since it has got rather limited revenue, the Forbes report said.
Trump Media & Technology Group is the parent firm of Truth Social and the value of its shares seem to have reflected the rise and fall of the former US president’s political fortunes. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
