Truth Social Stock Soars 50 Percent After 'DJT' Debut As Trump's Net Worth Soars

On Tuesday, shares of the Trump Media & Technology group, under the stock ticker 'DJT,' exploded over 50 percent after Digital World Acquisition Corp. shareholders agreed to merge with the Truth Social parent company on Friday. The stock's increase, reaching an all-time high of $79.38, has led to presumptive GOP nominee Donald Trump's net worth skyrocketing, making him one of the top 500 richest people in the world.

Trump currently owns about 58 percent of the Trump Media & Technology Group, or about 79 million shares, meaning that Trump's shares were valued at over $6 billion at an all-time high. The rapid increase in the stock's value, however, did lead to the stock being halted briefly at around 9:40 AM EST, as more than 6.5 million shares of the company changed hands by 9:50 AM EST, per CNBC. 

Truth Social, launched in early 2022 following the decision by major social media companies to ban Trump at the end of his presidency, reported about $3.5 million in revenue over the first three quarters of 2023 and $49 million in losses over the same period.

While Trump's net worth will benefit greatly from the shareholder vote, he will likely be unable to pull money out of the stock due to a "lock up" provision that would not allow him to sell his shares until six months after the merger. Nevertheless, the increase in Trump's net worth has led him to join a prestigious list with Trump having a similar net worth to Joe Ricketts, Gordon Getty, and Tony James, as previously reported by the DC Enquirer. 

The stock's success comes after the 45th president saw the $454 million fine levied against him by New York Judge Arthur Engoron significantly reduced to only $175 million by an appeals court. The five-judge panel ruled that Trump has an additional ten days to come up with the cash to pay a $175 million bond. During a press conference following the decision, Trump explained that he would use cash as collateral to obtain a bond from a surety company. 

In response to the soaring price of the DJT stock, Trump wrote on his platform, "I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!"

The sudden increase in the Trump Media & Technology group's stock will be a major boom for Trump's personal finances. While Trump will not be able to sell his stock until later in the year, social media companies' decision to ban the former president has completely backfired. It would appear that Trump's removal from social media has been one of the most profitable events of his life.

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