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Donald Trump transfers nearly $4 billion worth of his Trump Media shares to revocable trust | Company Business News
Livemint
·
7m ago
Medial
US President-elect Donald Trump has transferred his stake in Trump Media & Technology, worth over $4 billion, to a revocable trust that he is the sole beneficiary of. The transfer includes 53% of the company's outstanding stock and was made as a "bona fide gift" to the Donald J. Trump Revocable Trust. The trust is managed by Trump's son, Donald Trump Jr., who has full control over the securities held by the trust. The reason behind the transfer is unclear. Trump Media is the parent company of Truth Social, a social networking site created by Trump following his ban from Twitter and Facebook. The company's shares have been volatile since it was listed on NASDAQ in 2024 and are currently valued at $34.71, with a market capitalization of around $7.7 billion.
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Related News
U.S. regulators clear Trump's media firm deal with Digital World
Reuters
·
1y ago
Medial
The U.S. Securities and Exchange Commission has approved the merger between blank-check acquisition company Digital World Acquisition Corp and former President Donald Trump's media and technology company, Trump Media & Technology Group. Trump will hold a 58% stake in the new company. Digital World's shares surged nearly 30% in response to the news. The merger is seen as a major boost for Trump, who aims to connect with his followers through the social media platform, Truth Social.
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Investors greenlight Trump's $6 billion social media deal
Economic Times
·
1y ago
Medial
Investors in a blank-check acquisition company, Digital World Acquisition Corp (DWAC), have approved a deal worth about $6 billion, allowing former US President Donald Trump to potentially earn a windfall from his social media firm, Truth Social. The deal values Trump's majority stake in the company at around $3.6 billion. However, the deal's future is uncertain as former DWAC CEO Patrick Orlando and former Trump business associates have sued to block the merger, claiming they are entitled to more shares. Even if the deal is completed, Trump will have restrictions on selling or borrowing against his shares for six months.
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Donald Trump's Truth Social deal has made him one of the 500 richest people in the world
Business Insider
·
1y ago
Medial
Donald Trump's net worth has soared to $6.5 billion, making him one of the 500 richest people globally, thanks to his Truth Social deal. The former US president has seen a series of wins recently, including a reduction in his bond for a fraud case to $175 million. Trump has heavily invested in the social media platform, Truth Social, and its parent company, Trump Media & Technology Group, which recently went public. Shares of the company surged by 56%, and it is estimated that Truth Social could have a valuation exceeding $5 billion with around 5 million users.
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Truth Social is going public
The Verge
·
1y ago
Medial
Shareholders of Digital World Acquisition Corporation have approved the merger with Truth Social, Donald Trump's social media app. This merger could potentially increase Trump's net worth by $3 billion. The merger will result in shareholders of DWAC becoming shareholders of Trump Media & Technology Group (TMTG), the parent company of Truth Social. Trump's media company is expected to start trading on Nasdaq under the symbol DJT as early as next week. However, Trump is currently prohibited from selling his shares or using them as collateral due to a lock-up provision, although he can request a waiver from the board.
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Donald Trump's media company Truth Social falls 12%, extends selloff
Economic Times
·
1y ago
Medial
Shares of Donald Trump's media and technology firm, Trump Media & Technology Group, experienced a 12% decline on Monday, further reducing the value of Trump's stake to $2.9 billion. The selloff follows the company's disclosure of significant losses earlier this month and concerns about meeting its financial obligations. The stock closed at $37.17, down 8.4% for the day and approximately 40% for April. With lock-up restrictions in place for six months, Trump may be unable to sell or borrow against his shares. Short-sellers, on the other hand, profited from the decline, although they remain down 69% for the year.
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Donald Trump returns to X in victory for Elon Musk
Economic Times
·
12m ago
Medial
Donald Trump has returned to the social media platform X after a year of silence. Trump posted a campaign video before a scheduled interview with X owner Elon Musk. His return could boost the struggling platform, which has faced competition from new social media platforms. Trump used X extensively during his presidency and was banned in 2021 after his followers stormed the Capitol. Musk, who acquired X in 2022, reinstated Trump's account and encouraged his return. Trump has since launched his own platform Truth Social but is contractually obligated to post there first.
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Trump’s newfound wealth hinges on winning the election
Livemint
·
9m ago
Medial
Former President Donald Trump's financial situation is more stable now compared to previous years. However, his success or failure in the upcoming election will have significant implications for his wealth and legal matters. His stake in Trump Media & Technology Group, which operates Truth Social, a social media platform, is valued at around $4 billion, but it could plummet if he loses the election. Despite this risk, Trump's net worth is estimated to be between $7.5 billion and $10 billion, largely due to the performance of his golf properties and a strong cash position. The value of his real estate holdings has declined due to the office market downturn, with properties such as 40 Wall Street seeing a significant decrease in value. The Trump Organization, however, has been paying off debt, selling assets, and accumulating cash to weather the real estate downturn. Trump also faces various legal issues, including criminal charges and civil fraud cases, which may require a significant amount of cash. With more than a dozen golf courses and resorts generating over $400 million in annual sales, the Trump Organization is expected to survive regardless of the election outcome, but the extent to which it can grow may be affected by legal judgments and fees. Trump's son, Eric Trump, is likely to continue managing the business, focusing on domestic properties and potential expansion in certain international markets.
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Elon Musk’s wealth soars $34 billion as Tesla comes roaring back
Economic Times
·
9m ago
Medial
Elon Musk's net worth surged by $33.5 billion as Tesla's shares had their biggest gain in over a decade. This solidified Musk's position as the world's richest person, with a wealth of $270.3 billion. The boost came after Tesla reported its highest quarterly profit since 2023 and Musk predicted strong vehicle sales growth. Tesla's success is crucial for Musk's wealth, as the company's shares and options make up about three-quarters of his fortune. Musk also made headlines for his support of Donald Trump and his advocacy for autonomous vehicles. He believes that Tesla will become the most valuable company in the world.
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Tesla slides 7% as Musk's 'America Party' reignites investor angst - The Economic Times
Economic Times
·
1m ago
Medial
Tesla shares plummeted nearly 7% after Elon Musk announced plans to launch a new political party in the U.S., causing investor anxiety over his dedication to Tesla. Concerns arose about potential impacts on government subsidies and Musk's attention being diverted. The move exacerbated tensions with Donald Trump amid an existing stock decline due to lower deliveries. Analysts warned about Musk's political distractions, causing further investor unease and affecting Tesla's stock performance.
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Trump's social media company to debut on Nasdaq following Digital World merger
Livemint
·
1y ago
Medial
Donald Trump's media business, Trump Media & Technology Group, which includes the social networking site Truth Social, is set to begin trading on the Nasdaq stock market soon. Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved the merger with Trump's media business. If the merger goes through, Trump could potentially receive a payout of over $3 billion. However, there is a lock-up provision that prevents immediate cashing out of the shares. The deal has faced legal challenges and Trump Media has reported losses in the past.
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