 "Republican presidential candidate and former US president Donald Trump's net worth is skyrocketing even as he prepares to pay $175 million after an appeals court intervened in his fraud case. Reuters")
He’s claimed to be worth billions and on Monday, Bloomberg confirmed the same, with the former US president’s net worth jumping by almost $4 billion (Rs 33,339 crore), catapulting him into the list of the world’s wealthiest 500 people. This particular development is significant as the Republican contender for the 2024 presidential polls is forced to assemble piles of cash to pay court judgments.
We take a deep dive into Trump’s wealth and how it has grown exponentially.
Trump’s riches grow
On Monday (25 March), Donald Trump was added to the Bloomberg list of world’s 500 richest people. This came after his net worth rose by $4 billion to rise to a whopping $6.5 billion (Rs 53,789 crore). Importantly, this is a massive uptick from his previous high of $3.1 billion (Rs 25,732 crore), which consisted mostly of his real estate holdings.
In fact, last year, Trump’s net worth, according to Forbes, was $2.6 billion (Rs 21,554 crore), a fall from the $3 billion wealth pegged in 2022. Most of Trump’s wealth stems from his real estate, extending from residential and office buildings in New York City to golf courses and hotels all over the world.
Eric Trump, executive vice president of the Trump Organization, reacting to the news said, “We have a great company and are incredibly honoured.”
Reason for rise in Trump’s net worth
Impact Shorts
More ShortsBut how did Trump’s wealth grow? The windfall for the former president came after his social media company, Trump Media & Technology Group that is the parent company of Truth Social, wrapped up a 29-month-long merger process with Digital World Acquisition Corp, meaning shares worth billions of dollars on paper are now officially Trump’s.
And now, Trump Media and Technology Group will become a public company and will trade under the stock symbol DJT, short for Donald J Trump.
According to a New York Times report, after the announcement, the stock jumped 24 per cent to $45.60 (Rs 3,800) a share. Trump Media is now at more than $5 billion (Rs 41,467 crore) — even though its flagship Truth Social digital platform took in just $3.3 million (Rs 27.5 crore) in revenue during the first nine months of 2023, reported New York Times.
Additionally, based on the current stock value, Trump’s stake in Trump Media is worth over $3 billion — at least on paper.
However, it’s unclear whether his wealth will stay this high. Trump is barred from selling his DWAC shares for six months, and the stock has a volatile share price history.
Trump’s interest in wealth coincided on the same day he snagged a last-minute legal victory when a New York appeals court ruled he could post a drastically reduced bond of $175 million (Rs 1,450 crore) to fight the massive judgment in his civil fraud case. The appellate court has given Trump another 10 days to post the bond before the state, led by Attorney General Letitia James, can begin to seize his assets.
A look at Trump’s net worth
When it comes to cash, Trump, according to a post he published on his social media app, Truth Social, said that he has “almost five hundred million dollars in cash.”
Also read: How rich is Donald Trump?In 2022, Trump had also reported at least $537 million (Rs 4,463 crore) in revenues related to golf courses and hotels, $30.4 million in licensing fees and royalties, $26.5 million of management fees, and $61.1 million in distributions from his stake in buildings such as 1290 Avenue of the Americas in New York, as per a Reuters report. Furthermore, the former US president also made $6.2 million from speaking engagements and $116,103 in pension from the Screen Actors Guild and the American Federation of Television and Radio Artists. He also earned $268.7 million from his Washington DC hotel, and nearly $1 million from the sale of two helicopters.
In 2023, Forbes had also valued Trump’s golf clubs and resorts at $870 million. In addition to this, his New York City real estate was valued at $690 million while his non-New York City real estate was pegged at $190 million.
However, Trump’s fortune can’t be determined as he has repeatedly refused to open his financial books for scrutiny while he was in office.
With inputs from agencies