(Daily360.com) Media reports in the days leading up to Donald Trump’s court appearance in New York were dire for the former president. They reported that Trump did not have the liquidity necessary to pay for a bond in the amount of more than $500 million.
New York’s Attorney General Letitia James had plannedto seize his property but then everything turned in Trump’s favor. Trump had the bond reduced by more than 60% to $175 million and soon thereafter, on the same day, his wealth increased more than it has on any other day in his life.
The reason for this wealth spike was Trump Media & Technology Group completing a $300 million merger with Digital World Acquisition Corporation after more than two years of negotiations. Trump is owner of 58% of that company which post-merger nets him a projected $4 billion profit. With this new wealth Trump has moved back into the top 500 wealthiest people in the world per the Bloomberg Billionaires Index.
Digital World Acquisition Corporation is classified as a special purpose acquisition company or SPAC. As an SPAC the role of the company is only to raise capital through an initial public offering (IPO) in order to take Trump’s company public. The company’s valuation went up on the IPO announcement alone by 35%. The day after Trump appeared in court, the Trump Media & Technology Group began trading on the exchange as “DJT.” The company had a very good first day as it surged as much as 59% in value.
Former California Republican Congressman Devin Nunes who became the CEO of Trump Technology Group after leaving the House was excited about the public offering. He said this is a great chance for the reclamation of free speech that has been devastated by “Big Tech censors.” He said the Trump platform; including Truth Social will be a “safe harbor” for people wishing to express their views without fear of digital reprisal. Despite not being able to cash on in this merger for another six months Trump told reporters at the New York court house he would be paying his adjusted $175 bond payment in cash before leaving.
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