1 month ago
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After Donald Trump's landslide win in Tuesday's US elections, shares in Trump Media & Technology Group surged, adding nearly $300 million to the President-elect's fortune. Trump Media shares rose almost 8 percent by midday, reaching just under $37, following a premarket surge that briefly sent shares above $40, Forbes reported.
This bump has pushed the value of Trump's approximately 57 percent stake – around 114.75 million shares – in the media company up by $290 million, now totalling $4.1 billion. The uptick in trading comes on the heels of a volatile Tuesday session when shares initially soared by over 18 percent to $40.74 before slipping back and eventually closing down by 1 percent.
Despite this market boost, Trump Media reported a $19.2 million loss for its third quarter, with revenues falling 5.6 percent year-over-year. Nonetheless, October was a banner month for the company, with shares jumping 119 percent, peaking at $54.68 – the highest since June.
Donald Trump's net worth is estimated at $6.3 billion, according to recent evaluations by Forbes. His fortune, tied heavily to Trump Media's fluctuating stock value, briefly surpassed $8 billion earlier this year amid high trading volatility. The company, which went public through a reverse merger, has seen its stock rise and fall in response to Trump's campaign activities, including significant shifts after debates with US President Joe Biden and Vice President Kamala Harris.
Since going public, Trump Media has been closely aligned with Trump's political trajectory. Valued at nearly $10 billion in May, the stock saw a dramatic dip below $11, risking restrictions on Trump's ability to liquidate shares. In recent weeks, however, the stock, pushed by election-betting markets favouring Trump's campaign, rebounded significantly.
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