Former President Donald Trump is on the cusp of scoring a major financial bonanza – at least on paper.
As long as Trump Media & Technology Group’s share price doesn’t spectacularly implode before Tuesday’s closing bell, Trump is on track to receive another 36 million shares as the owner of Truth Social.
This milestone is on track to be hit after the market closes on Tuesday.
Even though Trump Media is losing money and Truth Social is very tiny, those new shares Trump is in line to receive would be valued at about $1.3 billion at current prices.
Trump’s net worth has been on a roller coaster ride ever since his social media company finalized its deal to go public late last month. The former president is the dominant shareholder in a stock that has been called a “meme stock on steroids.”
Yes, unfortunately it is worth what the market will bear. Stans and those wanting to launder will keep it high enough that he will get a payday for nothing.
It would be great if the FTC, the SEC, and the FEC hammered him into the grave, but that won’t happen. IIRC the first two are looking into it, but not at the orange one himself. There are of course multiple lawsuits about this already from former company officers.
Some of the original money came from China in a deal that the FTC is looking at, and further cash came from a Russian that is also being investigated.