Trump to score additional $1.2 billion windfall thanks to his Truth Social app
Former President Trump is set to get $1.2 billion richer — at least on paper.
The windfall comes thanks to being rewarded with an additional 36 million shares in Trump Media & Technology Group, the company behind his Truth Social app.
The shares are a bonus provided to him after Trump Media traded above a certain level for a set number of days.
Trump met that criteria at the close of trading on Tuesday. The new shares raise his stake in Trump Media to 115 million shares, boosting the entire net worth of his holdings in the company to $3.7 billion.
The value of Trump's stake has fallen sharply since the company's trading debut in late March after share prices in Trump Media retreated.
But it's still a significant potential return given that he's the majority shareholder in a company in which he has invested no money.
And Trump could use the money: He's mired in legal cases — including the ongoing hush money trial in New York — and is running again for the White House.
But he's prevented from selling his stake until September under his current agreement — although he could try to find ways to negotiate a new deal. [Copyright 2024 NPR]
