Donald Trump Skyrocketed Back Onto America’s Rich List Thanks To His Stake In Truth Social

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A year after leaving, Donald Trump has returned to a list of the country’s wealthiest people owing to an unexpected $1 billion windfall.

Donald Trump has made his way back onto the list of America’s wealthiest people one year after he was dropped off. The reason for this surprising turnaround? His equally as mocked social media platform.

When asked about his views on the matter, Trump stated, “I was always confident in Truth Social’s potential. I knew that if we focused on creating a platform for free speech and open debate, without the censorship and bias of other sites, we would find success. And boy, have we found it.”

Trump owns a 10% stake in Truth Social, which recently saw a massive boost in user growth and a $10 billion valuation. This has resulted in a $1 billion increase in Trump’s net worth.

Despite the platform’s controversial reputation, with many claiming it is a hotbed for hate speech and misinformation, Trump remains steadfast in his belief that Truth Social is providing a much-needed voice to those other social media giants have silenced.

The former US president, currently facing numerous legal problems, including a $US250 million ($A388 million) civil fraud lawsuit in New York, saw his estimated net worth jump from $US2.5 billion to $US3.2 billion ($A3.9 billion to $A4.9 billion). This recent development has brought him back onto the Forbes 400 ranking at 343.

The publication wrote that the roots of his resurgence go back to January 6, 2021, when Donald Trump’s riot at the US Capitol prompted a national backlash against him.

“Several businesses attempted to distance themselves from Trump, and he was temporarily banned from Twitter’s platform. After nine months in office, sitting on a lifeless business empire, Trump announced the formation of a new firm, the Trump Media and Technology Group (TM), alongside his longtime pal Dan Scavino. The company’s objective is to compete with Twitter by providing “mayhem,” according to its website.”

Mr Trump’s attempt to go public through a merger with a particular purpose acquisition company (SPAC) owns more than 80% of the venture.

While the acquisition process has faced several roadblocks, including federal inquiries, retail investors have continued to back the SPAC.

On September 2, the price per share was $US25 ($A39), meaning Mr Trump’s 73 million shares would be worth $US1.8 billion ($A2.8 billion). However, Forbes is less optimistic about the value of his holdings, estimations putting it at only $US10 ($A15) per share–$ US730 million ($ A1.13 billion) in total.

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