Former President Donald Trump‘s net worth increased by $600 million after he left office in January of last year, a reversal from his personal fortune plummeting during his term, according to one estimate.
Trump’s fortune has grown from $2.4 billion to $3 billion, according to a report released Tuesday. The most notable contributor to that wealth appears to be Trump Media and Technology Group, the technology-focused company that helped launch Twitter alternative Truth Social.
TMTG’s plans to merge with special purpose acquisition company Digital World Acquisition have increased Trump’s net worth by $430 million, according to the analysis from Forbes. The remaining $170 million is unaccounted for in the estimate.
While TMTG’s merger is subject to investigations from the Securities and Exchange Commission and the Financial Industry Regulatory Authority, investors have still purchased a large number of shares in the company. These investors brought the company’s stock value up from $10 a share to $56 as of this month, according to the S&P Global Market Intelligence.
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At least 50% of Digital World Acquisition’s shares are owned by Trump, who would receive $10 apiece for them if he were to sell them at the discounted rate offered to a “handful of smart-money investors,” according to the report. However, Trump will not be able to sell those shares yet because TMTG has not finalized its merger as of Tuesday.
While Trump has made a significant amount of money on TMTG, the company has struggled getting Truth Social live, with the botched opening month causing a nearly 30% drop in Digital World Acquisition’s stock in March, according to S&P Global Market Intelligence.
The Truth Social app saw a 93% decrease in sign-ups in its first month, according to data released by the mobile insights company Sensor Tower. It has also experienced a significant drop in web traffic. While Truth Social CEO Devin Nunes claimed the app would be “fully operational” by the end of March, several users reported being stuck on the app’s waitlist, with no visible updates. The former president has also not posted on the website more than once since its launch.
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Truth Social’s chiefs of technology and product development resigned from their posts on Monday, according to Reuters.
Representatives from Trump’s office did not respond to a request for comment from the Washington Examiner.
