(NewsWorthy.news) – Former President Donald Trump has seen his net wealth double due to the merger between Digital World Acquisition Corporation, a special purpose acquisition company, and Trump Media & Technology Group, the company behind former President Donald Trump’s Truth Social. Trump will reportedly make $3.5 billion from the merger.
He is now one of the world’s 500 richest people on the Bloomberg Billionaire Index. The day of the merger was his single-best day on record for obtaining wealth. Bloomberg estimated that the former president’s fortune increased by $4 billion after the merger, taking his overall fortune to $6.4 billion.
The news comes as a significant blow to establishment media outlets critical of Trump; CNN, New York Magazine and Time Magazine among others predicted the failure of Truth Social. Trump was found to have exaggerated his wealth and the value of his real estate in his New York civil fraud case. The former president cannot profit from his merger money for around six months.
The news came as the former president struggled in his New York lawsuit to secure a $464 million bond. His lawyers admitted he could not possibly pay the full appeal bond because of a lack of cash available. The case bond has since been significantly reduced to $175 million by a state appellate court. Trump stated after the merger that he respected the appellate division’s decision and promised to put up a cash or bond promptly.
Truth Social is now reportedly valued at $8 billion. Despite this, Trump Media only generated $3.4 million in income through the first nine months of 2023, as SEC filings show. The amount of Truth Social users is also reportedly shrinking at a higher rate than at X, formerly known as Twitter until its rebranding after Elon Musk’s takeover of the company. Former Republican California Representative Devin Nunes, Group CEO of the combined company, promised to reclaim the internet from Big Tech censorship. Nunes stressed the public company’s commitment to providing a safe haven for free speech. During his term in the White House, Trump declassified a disputed memo by Nune that accused the FBI of abusing its surveillance powers when it investigated allegations of Russian meddling in the 2016 presidential election.
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