Please ensure Javascript is enabled for purposes of website accessibility
Trump Awarded 36 Million More Trump Media Shares Worth $1.8 Billion
gvw_ap_news
By Associated Press
Published 4 weeks ago on
May 1, 2024

Former President Donald Trump has secured an additional $1.8 billion worth of shares in Trump Media and was awarded an additional 36 million shares in the company that owns his social media platform Truth Social. (AP/Mike Stewart)

Share

Getting your Trinity Audio player ready...

WASHINGTON — Former President Donald Trump has secured an additional $1.8 billion worth of shares in Trump Media, according to a regulatory filing this week.

Based on the company’s stock hitting certain price benchmarks, Trump was awarded an additional 36 million shares in the company that owns his social media platform Truth Social. That brings his total ownership to more than 114 million shares, which based on Wednesday morning’s stock price, are worth $5.7 billion.

For now, the value of those shares is considered “paper wealth.” Trump is prohibited from selling any shares for six months after Trump Media went public without securing a waiver from the company’s board.

Trump, the presumptive Republican presidential nominee, now owns close to two-thirds of the company’s outstanding shares.

Trump Media & Technology Group Shares Surge

Trump Media & Technology Group shares have surged in the past couple of weeks and closed Tuesday at $49.93. Trump only needed the stock to be above $17.50 each for 20 consecutive trading days to secure the new shares.

Trump Media got its place on the Nasdaq after merging with a company called Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. These type of mergers offer young companies quicker and easier routes to getting their shares trading publicly.

On March 26, the first day of trading after Trump Media closed the merger with Digital World Acquisition, shares in the newly combined company reached nearly $80 each in intraday trading before closing at $57.99.

Trump Media’s Financial Performance

Less than a week after that flashy stock market debut, Trump Media disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%. The 2023 losses marked a stark decline compared with the profit of $50.5 million that the company reported for 2022, according to a regulatory filing.

In the subsequent weeks, the company’s stock tumbled to around $22 each before rebounding in mid-April.

Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both but has stuck with Truth Social.

Trump Media shares fell 6.5% to $46.68 in late morning trading Wednesday.

RELATED TOPICS:

DON'T MISS

Former ‘General Hospital’ Actor Johnny Wactor Killed by Catalytic Converter Thieves

DON'T MISS

UC Workers’ Strike Spreads to UCLA & UC Davis Amid Free Speech Controversy

DON'T MISS

Celtics Look to Capture Championship, End 16-Year Drought

DON'T MISS

Not Even ‘Furiosa: A Mad Max Saga’ Saves Hollywood From a Terrible Memorial Day Weekend

DON'T MISS

Melinda French Gates Pledges $1B for Women’s Rights Over 2 Years

DON'T MISS

Supreme Court Leaves Avenatti’s Conviction in Place for Plotting to Extort $25M From Nike

DON'T MISS

Popular California Beach Closed After Shark Bumped Surfer off His Board

DON'T MISS

The Latest | Defense Targets Michael Cohen’s Testimony in Closing Arguments in Trump Hush Money Case

DON'T MISS

Taiwan’s Legislature Passes Changes Seen as Favoring China, Reducing President’s Power

DON'T MISS

US Consumer Confidence Rises in May After Three Months of Declines

UP NEXT

UC Workers’ Strike Spreads to UCLA & UC Davis Amid Free Speech Controversy

UP NEXT

Celtics Look to Capture Championship, End 16-Year Drought

UP NEXT

Not Even ‘Furiosa: A Mad Max Saga’ Saves Hollywood From a Terrible Memorial Day Weekend

UP NEXT

Melinda French Gates Pledges $1B for Women’s Rights Over 2 Years

UP NEXT

Supreme Court Leaves Avenatti’s Conviction in Place for Plotting to Extort $25M From Nike

UP NEXT

Popular California Beach Closed After Shark Bumped Surfer off His Board

UP NEXT

The Latest | Defense Targets Michael Cohen’s Testimony in Closing Arguments in Trump Hush Money Case

UP NEXT

Taiwan’s Legislature Passes Changes Seen as Favoring China, Reducing President’s Power

UP NEXT

US Consumer Confidence Rises in May After Three Months of Declines

UP NEXT

Scorned Umpire Ángel Hernández Retires. He Unsuccessfully Sued MLB for Racial Discrimination.

Not Even ‘Furiosa: A Mad Max Saga’ Saves Hollywood From a Terrible Memorial Day Weekend

2 hours ago

Melinda French Gates Pledges $1B for Women’s Rights Over 2 Years

2 hours ago

Supreme Court Leaves Avenatti’s Conviction in Place for Plotting to Extort $25M From Nike

3 hours ago

Popular California Beach Closed After Shark Bumped Surfer off His Board

3 hours ago

The Latest | Defense Targets Michael Cohen’s Testimony in Closing Arguments in Trump Hush Money Case

3 hours ago

Taiwan’s Legislature Passes Changes Seen as Favoring China, Reducing President’s Power

3 hours ago

US Consumer Confidence Rises in May After Three Months of Declines

3 hours ago

Scorned Umpire Ángel Hernández Retires. He Unsuccessfully Sued MLB for Racial Discrimination.

4 hours ago

T-Mobile to Buy Almost All of U.S Cellular in Deal Worth $4.4 Billion with Debt

4 hours ago

Brett Wisely Drives in a Pair of Key Runs as Giants Hold off Phillies

4 hours ago

Former ‘General Hospital’ Actor Johnny Wactor Killed by Catalytic Converter Thieves

LOS ANGELES — Former “General Hospital” actor Johnny Wactor was shot and killed when he interrupted thieves stealing the catalytic converter...

1 hour ago

1 hour ago

Former ‘General Hospital’ Actor Johnny Wactor Killed by Catalytic Converter Thieves

2 hours ago

UC Workers’ Strike Spreads to UCLA & UC Davis Amid Free Speech Controversy

2 hours ago

Celtics Look to Capture Championship, End 16-Year Drought

2 hours ago

Not Even ‘Furiosa: A Mad Max Saga’ Saves Hollywood From a Terrible Memorial Day Weekend

2 hours ago

Melinda French Gates Pledges $1B for Women’s Rights Over 2 Years

Photo of Michael Avenatti
3 hours ago

Supreme Court Leaves Avenatti’s Conviction in Place for Plotting to Extort $25M From Nike

3 hours ago

Popular California Beach Closed After Shark Bumped Surfer off His Board

3 hours ago

The Latest | Defense Targets Michael Cohen’s Testimony in Closing Arguments in Trump Hush Money Case

MENU

CONNECT WITH US

Search

Send this to a friend