Former President Donald Trump is set to join the ranks of the 500 wealthiest individuals globally as his media company goes public on Tuesday. The Trump Media & Technology Group (TMTG) was established by Trump in February 2021 to create an alternative social media platform, “Truth Social,” after he was banned from Twitter in January 2021.
Following a merger with DWAC, a special-purpose acquisition corporation, TMTG will now be listed on the Nasdaq stock exchange. Trump’s 58% stake in the company is valued at $3.9 billion, boosting his net worth to $6.4 billion. Despite varying estimates of his wealth, Trump’s financial standing is expected to rise significantly with this development.
Truth Social, though experiencing losses, remains a platform where Trump actively engages with his followers, similar to his previous use of Twitter. Trump will be unable to sell his stake in TMTG for at least six months after trading begins.
