Trump Media shares spiked on Monday, closing at a high not seen since late March and raising former President Donald Trump’s net worth significantly.
Trump Media's stock has recovered from its April slump (Photo by Brandon Bell/Getty Images)
Trump Media shares closed up more than 10% at $54.39, marking the stock’s fourth-highest closing price this year.
The stock jump added $636 million to Trump’s net worth, which Forbes estimates is $8.2 billion.
Trump’s stake in the Trump Media is the highest it has ever been, with his 114.8 million shares in the Truth Social parent company now worth $5.6 billion.
The stock has more than doubled since experiencing its lowest point this year in the middle of April, when it traded at $22.84 per share as Trump’s net worth decreased to $3.8 billion.
$7.4 billion. That is the market cap of Trump Media as of Thursday.
Trump Media completed its merger with the Digital World Acquisition Corp in late March, allowing the company to go public and providing Trump with a multibillion dollar windfall as he faced mounting legal bills and was ordered to pay more than $550 million in three civil judgments. However, Trump and other company executives are restricted from selling their shares for about four more months due to a lockup period, according to a filing. The combined company’s stock has proved volatile since going public, reaching a high of $66.22 not long after its debut and a low of $22.84 just three weeks later. The company has sought to protect itself against short sellers—investors who purchase shares in a stock and profit off slumps—informing Trump Media shareholders of how to request their brokerages to remove their company shares from being used in short selling trades. Trump Media’s shareholder base is mainly made up of Trump himself and retail investors.
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